Lion construction contracted to build an addition for, Financial Accounting

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Lion construction contracted to build an addition for

Lion Construction contracted to build an addition for $500,000. Construction started in January 2013 and was completed in November 2014. Data relating to the contract are summarized below:

Calculate the gross profit that Lion reports in 2014 under the percentage-of-completion method.

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Financial Accounting: Lion construction contracted to build an addition for

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Financial Accounting: Lion construction contracted to build an addition for

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