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What amount of gross profit should Ivanhoe have

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Question - Ivanhoe Constructors, Inc. has consistently used the percentage-of-completion method of recognizing income. In 2018, Ivanhoe started work on a $51000000 construction contract that was completed in 2019. The following information was taken from Ivanhoe's 2018 accounting records:

Progress billings $15500000

Costs incurred 14800000

Collections 9620000

Estimated costs to complete 29500000

Required - What amount of gross profit should Ivanhoe have recognized in 2018 on this contract?

a) $3350000

c) $6700000

c) $2238375

d) $4461625

Reference no: EM132592394

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