In 2020, Pop Construction Corp. began work on a contract for $3,700,000. Other details follow: 2020 Costs incurred during the year $1,800,000 Estimated costs to complete as of December 31 1,200,000 Billings during the year1,650,000 Collections during the year 975,000 Pop uses the percentage-of-completion method. For calendar 2020, Pop should report gross profit of?
In 2020, Pop Construction Corp. began work on a contract for $3,700,000. Other details follow: 2020 Costs incurred during the year $1,800,000 Estimated costs to complete as of December 31 1,200,000 Billings during the year1,650,000 Collections during the year 975,000 Pop uses the percentage-of-completion method. For calendar 2020, Pop should report gross profit of?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:In 2020, Pop Construction Corp. began work on a contract for $3,700,000. Other details follow:
2020
Costs incurred during the year $1,800,000
Estimated costs to complete as of December 31 1,200,000
Billings during the year1,650,000
Collections during the year 975,000
Pop uses the percentage-of-completion method. For calendar 2020, Pop should report gross
profit of?
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