In year 1 a contractor agrees to build a building for $2,500,000 by the end of year 2.The builder's cost is estimated to be $1,800,000.The actual costs year 1 are $900,000 and year 2's actual costs are $1,100,000.Under the percentage of completion method year 1's gross profit is
A)$0.
B)$300,000.
C)$350,000.
D)$700,000.

Question

Quizplus · Accepted Answer

C)
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In Year 1 a Contractor Agrees to Build a Building