- Windsor Construction Company uses the percentage-of-completion method of accounting. In 2016, Windsor began work on a contract it had received which provided for a contract price of $15,000,000. Other details follow for 2016: Costs incurred during the year $7,200,000
- Estimated costs as of December 31 2016, $4,800,000
- Billings during the year $6,600,000
- Collections during the year $3,900,000
What should be the gross profit recognized in 2016?
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