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

Percentage of completion = Cost incurred during the year / (Cost incurred during the year +…

Answered: During the year 2019, Height Cons began…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Zent construction has an contract for $3,700,000. Other details follow:Costs incurred during the year= $1,800,000Estimated costs to complete as of December 31= 1,200,000Billings during the year=1,650,000Collections during the year= 975,000 It uses the percentage of completion method For calendar 2020, what should report gross profit of?
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