Assuming platypus building inc uses the completed contract

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Reference no: EM13600703

Platypus Building Inc. won a bid for a new office building contract. Below is info from the project accountant:

Total Construction Fixed Price $7,000,000
Construction Start Date March 3, 2012
Construction Complete Date December 4, 2013

As of Dec 31... 2012 2013

Actual cost incurred $2,700,000 $3,050,000
Estimated remaining costs $2,700,000 $-
Billed to customer $2,400,000 $5,600,000
Received from customer $2,000,000 $4,800,000

Assuming Platypus Building Inc. uses the completed contract method, what amount of gross profit would be recognized in 2013?

Reference no: EM13600703

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