In 2020, Solid Construction Co. (SCC) began work on a two-year fixed-price contract project. SCC...
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Accounting
In 2020, Solid Construction Co. (SCC) began work on a two-year fixed-price contract project. SCC uses the percentage-of-completion method to account for such projects and provides you with the following information (dollars in millions): Accounts receivable (from construction progress billings) $37.5, Actual construction costs incurred in 2020 $135, Cash collected on project during 2020 $105, Construction in progress, 12/31/2020 $207, Estimated percentage of completion during 2020 60%.
What's the fixed contract price for SCC's project?
A. $72 million B. $345 million C. $225 million D. $120 million
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