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What is gross profit recognized for coffin corporation

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Problem 1: Coffin Corporation appropriately uses the installment-sales method of accounting to recognize income in its financial statements. The following information is available for 2019 and 2020. In 2019, show the installment sales $900,000, cost of installment sales $594,000, cash collection on 2019 sale $370,000. In 2020, show the installment sales $1,000,000, cost of installment sales $680,000, cash collection on 2019 sale $350,000, and cash collection on 2020 sale $450,000. What is gross profit recognized in 2020?

a) $262,000

b) $263,000

c) $264,000

d) $265,000

Reference no: EM132809258

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