Lagory Co Started a Contract in June 2011 to Build a a Bridge

question 14

Multiple Choice

Lagory Co. started a contract in June 2011 to build a bridge at a fixed price of $14 million. The bridge was to be completed by October 2013. Total cumulative costs incurred by the end of December 2011 and 2012 were $2 million and $6 million, respectively. Lagory Co. is unable to estimate the total costs of the project prior to completion. Final costs at the end of the project totalled $11 million. How much revenue will Lagory Co. report in 2012?

• A)$2,000,000
• B)$3,000,000
• C)$4,000,000
• D)$14,000,000

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Definitions:

Legally Binding Contract

A contract that is enforceable by law, meaning all parties involved must fulfill their obligations as agreed.

Panel Interviews

A type of interview where the candidate is questioned by multiple interviewers at the same time, often used in job selection processes.

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The ability to function effectively in stressful or challenging situations without compromising performance.

Declining A Job Offer

The action of refusing a job proposal politely and professionally, often after considering various aspects of the offer.