Windsor Construction Company uses the percentage-of-completion method of accounting, In 2014, Winsor began work on...
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Accounting
Windsor Construction Company uses the percentage-of-completion method of accounting, In 2014, Winsor began work on a contract it had received which provided for a contract price of $7,500,000
Other details follow for 2014:
-Costs incurred during the year $3,600,000
-Estimated costs to complete as of December 31, 2014 $2,400,000
-Billings during the year $3,300,000
-Collections during the year $1,950,000
What should be the gross profit recognized in 2014? (show your work)
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