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What should be the gross profit recognized

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Question - Windsor Construction Company uses the percentage-of-completion method of accounting. In 2014, Windsor 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?

$700,000

$1,000,000

$1,400,000

$2,100,000

Reference no: EM132017963

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