Smiley Homes recently purchased a large piece of land and has begun construction of ten new homes, which are anticipated to cost a total of \($280,000\) each to manufacture. At the end of Year 1, Smiley Homes has incurred the following costs:

The homes will be sold for \($450,000\) each. At the end of Year 1, \($1,300,000\) of certified work was completed. What profit will be reported in Year 1 for the project?

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Land purchase $1,200,000 Materials 500,000 Salaries and wages 750,000 Overhead 250,000