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During 2018, Oriole Corp. started a construction job with a total contract price of $24500000. The job was completed on December 15, 2019. Additional data
During 2018, Oriole Corp. started a construction job with a total contract price of $24500000. The job was completed on December 15, 2019. Additional data are as follows: 2018 2019 Actual costs incurred during the year $8250000 $10650000 Estimated remaining costs 7650000 0 Billed to customer 7050000 11600000 Received from customer 6000000 14600000 Under the completed-contract method, what amount should Oriole recognize as gross profit for 2019?
$5000000 $5600000 $2800000 $6200000
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