1. The Simpson Construction Company uses the percentage-of-completion method of accounting for long-term construction contracts. In 2016, Simpson began work on a construction contract. Information on this contract at the end of 2016 is as follows: What is the contract price (total revenue) on this project? $10,000,000 $7,500,000 $7,000,000 $9,000,000 $8,750,000 Leave blank