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Percentage-of-completion method of accounting

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Reference no: EM131891055

  • Windsor Construction Company uses the percentage-of-completion method of accounting. In 2016, Windsor began work on a contract it had received which provided for a contract price of $15,000,000. Other details follow for 2016: Costs incurred during the year $7,200,000
  • Estimated costs as of December 31 2016, $4,800,000
  • Billings during the year $6,600,000
  • Collections during the year $3,900,000

What should be the gross profit recognized in 2016?

Reference no: EM131891055

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