Use the following information for questions 6 and 7: Jersey, Inc.
Use the following information for questions 6 and 7: Jersey, Inc. began work in 2001 on a contract for $2,100,000. Other data are:,
? 2001 2002,
Costs incurred to date $900,000 $1,400,000,
Estimated costs to complete $600,000 ?,
Billings to date $700,000 $2,100,000,
Collections to date $500,000 $1,800,000,
If Jersey uses the percentage-of-completion method, the gross profit to be recognized in 2001 is,
A) $360,000. ,
B) $400,000. ,
C) $540,000. ,
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