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Manson Construction Corp. has consistently used the percentage-of-completion method. In 2020, Manson started work on a $10,500,000 construction contract that was completed in 2021.
The following information was taken from Manson's 2020 accounting records:
Billings to date $3,300,000
Costs incurred 3,150,000
Collections to date 2,100,000
Estimated costs to complete 6,300,000
Question 1: Under the earnings approach, what amount of gross profit should Manson recognize in 2020 on this contract?
a. $525,000
b. $350,000
c. $1,050,000
d. $700,000
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