Reference no: EM131909817
Question - Platypus Building Inc. won a bid for a new office building contract. Below is info from the project accountant:
Total Construction Fixed Price - $8,000,000
Construction Start Date - March 3, 2012
Construction Complete Date - December 4, 2014
As of Dec 31... 2012 2013
Actual cost incurred per year 2,000,000 $1,000,000
Estimated costs to complete $2,000,000 $1,000,000
Billed to customer $2,400,000 $5,300,000
Received from customer $2,250,000 $5,400,000
Assuming Platypus Building Inc. uses the percentage of completion method, what amount of gross profit would be recognized in 2013?
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