The board of directors of Ogle Construction Company is meeting to choose between the completed-contract method and the percentage of completion method of accounting for long term contracts in the company's financial statements. You have been engaged to assist Ogls's controller in the preparation of a presentation to be given at the broad meeting. The controller provides you with the following information:

In-Class Review Exercise he board of directors of Ogle Construction Company is meeting to choose between the method and the percentage of completion method of accounting for long-term contracts in the financial statements. You have been engaged to assist Ogle's controller in the preparation of a presentation be given at the board meeting. The controller provides you with the following information 1. Ogle commenced doing business on January 1, 2013. 2 Construction activities for the year ended December 31, 2013, were as follows Total Contract Cash Collections Billings Through Project Through 12131 11 510,000 310,000 340,000 210,000 700,000 210,000 475,000 390,000 475,000 65.000 200,000 100,000 400,000 400,000