Salmon Construction Company uses the percentage-of-completion method of accounting. In 2011, Salmon began work on a project which had a contract price of $1,600,000 and estimated costs of $1,200,000. Additional information is as follows:

The amount of gross profit Salmon should recognize on this contract during 2011 is

Question

Salmon Construction Company uses the percentage-of-completion method of accounting. In 2011, Salmon began work on a project which had a contract price of $1,600,000 and estimated costs of $1,200,000. Additional information is as follows:

The amount of gross profit Salmon should recognize on this contract during 2011 is

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The Answer of Salmon Construction Company uses the percentage-of-completion method of accounting. In 2011, Salmon began work on a project which had a contract price of $1,600,000 and estimated costs of $1,200,000. Additional information is as follows:

The amount of gross profit Salmon should recognize on this contract during 2011 is

Salmon Construction Company Uses the Percentage-Of-Completion Method of Accounting