During the Current Year,BMI Corporation Sold $1,250,000 in Goods That

Multiple Choice

During the current year,BMI Corporation sold $1,250,000 in goods that cost $750,000.Cash sales were $500,000 and credit sales $750,000.BMI collected $500,000 of the credit sales during the year.What amount of revenue should BMI recognize for the year under the revenue recognition criteria of the contract-based approach?

A) $1,250,000
B) $ 500,000
C) $ 750,000
D) $ 1,000,000