(Answered) Question - the simpson construction company uses the

Accounting

Question - The Simpson Construction Company uses the percentage-of-completion method of accounting for long-term construction contracts.

In 2005, Simpson began work on a construction contract. Information on this contract at the end of 2005 is as follows:

Cost incurred during the year $1,500,000

Estimated cost to complete 6,000,000

Gross profit recognized in 2005 250,000

What is the contract price (total revenue) on this contract?

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