F & R Construction, Inc has consistently used the percentage-of-completion method of recognizing revenue. Last year F & R started work on a $5,000,000 construction contract, which was completed this year. The accounting records disclosed the following data for last year: Progress billings ..................................... $1,500,000 Costs incurred
1,350,000 Collections ........................................... 1,050,000 Estimated cost to complete ............................ 2,600,000 How much revenue should F & R have recognized on this contract last year?
a. $1,500,000
b. $1,700,000
c. $1,100,000
d. $400,000
B
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