In 2017, Dygress Construction Co. began work on a contract for $16,500,000; it was completed in 2018. The following cost data pertain to this contract: 
Assuming the performance obligation is satisfied over time, what is the amount of gross profit to be recognized on the income statement for the year ended December 31, 2018?
Definitions:
Quantity Supplied
Quantity supplied refers to the total amount of a good or service that producers are willing and able to sell at a given price over a specific time period.
Price Ceiling
A legal maximum price that can be charged for a good or service, set by government regulation.
Rationing Process
A system of allocating goods and services when demand exceeds supply, often through mechanisms other than price.
Market Price
The price at which a good or service is bought and sold in a marketplace, determined by the supply and demand dynamics of that market.
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