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What pop should report gross profit

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Question - In 2020, Pop Construction Corp. began work on a contract for $3,700,000. Other details follow:

2020

Costs incurred during the year $1,800,000

Estimated costs to complete as of December 31 1,200,000

Billings during the year 1,650,000

Collections during the year 975,000

Pop uses the percentage-of-completion method. For calendar 2020, what Pop should report gross profit?

Reference no: EM132840763

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