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Monroe Construction Company uses the percentage of completion method of accounting. In 2013, Monroe began...

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Accounting

Monroe Construction Company uses the percentage of completion method of accounting. In 2013, Monroe began work on a contract he had received that stipulated a contract price of $20,000,000. 

Other details follow: 

2013 

Costs incurred during the year $9,600,000 

Estimated costs to finish December 31 $6,400,000 

Billings during the year $8,800,000 

Collections during the year $5,200,000 

What should be the gross profit recognized in 2013?


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