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What is the contract price on this contract

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Reference no: EM132842353

Question - The Simpson Construction Company recognizes revenue over time according to percentage of completion for its long-term construction contracts. In 2018, Simpson began work on a construction contract. Information on this contract at the end of 2018 is as follows:

Cost incurred during the year $1,500,000

Estimated additional cost to complete $6,000,000

Gross profit recognized in 2018 $250,000

Required - What is the contract price (total revenue) on this contract?

Reference no: EM132842353

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