Reference no: EM131205228
Windsor Construction Company uses the percentage-of-completion method of accounting, In 2014, Winsor began work on a contract it had received which provided for a contract price of $3,000,000.
Other details follow for 2014:
-Costs incurred during the year $1,400,000
-Estimated costs to complete as of December 31, 2014 $600,000
-Billings during the year $1,000,000
-Collections during the year $900,000
What should be the gross profit recognized in 2014?(show your work)
a) $700,000
b) $1,000,000
c) $1,400,000
d) $2,100,000
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