Use the following information for questions.
Gorman Construction Co.began operations in 2012.Construction activity for 2012 is shown below.Gorman uses the cost-recovery method.
-Which of the following should be shown on the statement of financial position at December 31, 2012 related to Contract 2?
A) Inventory, $680,000
B) Inventory, $820,000
C) Current liability, $680,000
D) Current liability, $1,500,000
Correct Answer:
Verified
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