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What is the contract price or total revenueon the contract

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Reference no: EM132831171

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

Problem 1: What is the contract price (total revenue) on this contract?

Reference no: EM132831171

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