Winsor Construction Company uses the percentage-of-completion method of accounting. In 2008, Winsor began work on a contract it had received which provided for a contract price of $15,000,000. Other details follow:
What should be the gross profit recognized in 2008?
A) $600,000
B) $7,800,000
C) $1,800,000
D) $3,000,000

Question

Winsor Construction Company uses the percentage-of-completion method of accounting. In 2008, Winsor began work on a contract it had received which provided for a contract price of $15,000,000. Other details follow:
 What should be the gross profit recognized in 2008?
A) $600,000 
B) $7,800,000 
C) $1,800,000 
D) $3,000,000

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