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What amount of gross profit should manson recognize

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Reference no: EM132680316

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

Problem 1: Under the earnings approach, what amount of gross profit should Manson recognize in 2020 on this contract

1- $700,000

2- $525,000

3-$350,000

4- $1,050,000

Reference no: EM132680316

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