Blossom Construction Company uses the percentage-of-completion method of accounting. In 2021, Blossom began work on a contract it had received which provided for a contract price of $47500000. Other details follow:
2021
Costs incurred during the year $22000000
Estimated costs to complete as of December 31 16000000
Billings during the year 21500000
Collections during the year 10500000
What should be the gross profit recognized in 2021?
Answers: 2
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