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Under the percentage-of-completion method, a company has recognized $40,000 of profit through to the beginning of the current year on a contract, and total estimated

Under the percentage-of-completion method, a company has recognized $40,000 of profit through to the beginning of the current year on a contract, and total estimated contract cost is $500,000 at that time. The contract price is $800,000. What is the percent of completion at the beginning of the current year?

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  • 15.8%

  • 13.33%

  • Insufficient data

  • 8%

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