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Jet Corporation is engaged in a long-term construction contract and is using the percentage of completion method to account for the project. At the end
Jet Corporation is engaged in a long-term construction contract and is using the percentage of completion method to account for the project. At the end of the most recent year, Jet compiled the following information related to the contract: Contract price Actual costs incurred during the year Construction costs incurred in prior years Estimated cost to complete What is the estimated percentage complete of the project at the conclusion of the year? $1,500,000 $ 450,000 $ 500,000 250,000 33% G 42% 63% 79%
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