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50) Look-back interest may be required on long-term contracts if actual total costs had been employed in determining gross profit rather than estimated costs in
50) Look-back interest may be required on long-term contracts if actual total costs had been employed in determining gross profit rather than estimated costs in earlier years of the contract. The interest will not be assessed if A) the contract is completed within two years of the commencement date. B) the contract price is less than $1 million. C) the completed contract method is used. D) All of the above are correct
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