During the year 2019, Height Cons began work on a contract for 3,700,000. Costs incurred during the year 1,800,000. Estimated costs to complete as of December 31= 1,200,000 Billings during the year1,650,000 Collections during the year 975,000 It uses the percentage-of-completion method. Find reporting gross profit?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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During the year 2019, Height Cons began work on a contract for 3,700,000. Costs
incurred during the year 1,800,000.
Estimated costs to complete as of December 31= 1,200,000
Billings during the year1,650,000
Collections during the year 975,000
It uses the percentage-of-completion method. Find reporting gross profit?
Transcribed Image Text:During the year 2019, Height Cons began work on a contract for 3,700,000. Costs incurred during the year 1,800,000. Estimated costs to complete as of December 31= 1,200,000 Billings during the year1,650,000 Collections during the year 975,000 It uses the percentage-of-completion method. Find reporting gross profit?
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