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What amount should howard recognize as gross profit

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Question - Howell Co. had the following first-year amounts for a $7,000,000 construction contract:

Actual costs: $2,000,000

Estimated costs to complete: $6,000,000

Progress billings:  $1,800,000

Cash collected: $1,500,000

What amount should Howard recognize as gross profit (loss) using the percentage-of-completion method?

Reference no: EM131563516

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