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What amount should Iris recognize as gross profit

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Question - Iris Construction Corp. uses the percentage-of-completion method. In 2019, Iris began work on a contract for $1,650,000 which was completed in 2020. Data on the costs are:

 

Year Ended December 31

 

2019

2020

Costs incurred

$585,000

$420,000

Estimated costs to complete

390,000

-

Required - What amount should Iris recognize as gross profit in the calendar year 2020?

Reference no: EM132619277

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