JME Construction always uses the percentage of completion method of recognizing revenue. During 2004 JME signs a contract in the amount of $10 million with the following data available:
A. $300,000.B. -$200,000.C. -$450,000.
stage of completion = 25%(2.2 / 8.8)
revenue to be recognized = 0.25 × 10 million = 2.5 million
gross profit = 2.5 million − 2.2 million = 300,000
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