Multiple Choice
The total contract price to build an office building is $4 200 000,with estimated costs of $2 800 000.The construction firm's costs for Year 1 were $800 000.Under the percentage of completion method,gross profit reported in Year 1 is:
A) $2 200 000.
B) $1 200 000.
C) $400 000.
D) none of the above
Correct Answer:
Verified
Correct Answer:
Verified
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