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. Calculate the percent of completion at the beginning of the current year.

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The Answer of 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. Calculate the percent of completion at the beginning of the current year.

Under the Percentage of Completion Method, a Company Has Recognized