Question
A company began work in 2020 on a contract for $6,800. Other data are as follows: 2020 2021 2020 2021 costs incurred to date $3,100
A company began work in 2020 on a contract for $6,800. Other data are as follows:
2020 2021
| 2020 | 2021 | |
| costs incurred to date | $3,100 | $5,600 |
| Estimated Costs to complete | 2,000 | ----------- |
| Billings to date | 3,400 | 6,800 |
| Collections to date | 2,000 | 4,800 |
If the company uses the percentage-of-completion method, the gross profit to be recognized in 2021 is .
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Principles of Auditing An Introduction to International Standards on Auditing
Authors: Rick Hayes, Philip Wallage, Hans Gortemaker
3rd edition
273768174, 978-0273768173
