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Total contract price: $100,000Actual costs during 1993: $20,000Estimated remaining costs: $40,000Billed to customer during 1993: $30,000Received from customer during 1993: $10,000
Under the completed contract method, how much should the company recognize as gross profit for 1993?
a. 0b. 4000c. 10000d. 12000
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