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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?
Multiple Choice
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15.8%
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13.33%
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Insufficient data
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8%
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