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## Accounting

 Accounting Basics Cost Accounting Financial Accounting Managerial Accounting Auditing Taxation

Amazon Building, Inc. won a bid for a new warehouse building contract.
Below is information from the project accountant.
Total Construction Fixed Price \$12,000,000
Construction Start Date June 13, 2012
Construction Complete Date December 16, 2013

As of Dec. 31... 2012 2013
Actual cost incurred \$3,500,000 \$5,360,000
Estimated remaining costs \$5,250,000 \$-
Billed to customer \$5,000,000 \$7,000,000
Assuming Amazon Building, Inc. uses the completed contract method, what amount of gross profit would be recognized in 2013?

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