Question: Slytherin Sidewalks, Inc. uses the percentage-of-completion method for its construction jobs. In 2018, Slytherin started work on a $30,000,000 construction contract that was completed in

Slytherin Sidewalks, Inc. uses the percentage-of-completion method for its construction jobs.

Slytherin Sidewalks, Inc. uses the percentage-of-completion method for its construction jobs. In 2018, Slytherin started work on a $30,000,000 construction contract that was completed in 2019. The following information was taken from Slytherin's 2018 accounting records: Progress billings Costs incurred Collections Estimated costs to complete $22,800,000 19,200,000 15,000,000 9,000,000 What amount of gross profit should Slytherin have recognized in 2018 on this contract? $1,290,566 $1,306,667 $1,184,211 $1,225,532

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