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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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