Given the Following Data, What Is Profit in 2007 Under

question 13

Multiple Choice

Given the following data, what is profit in 2007 under the percentage-of-completion method for a project begun in 2006 with a contract price of $1,000? $\begin{array}{|l|l|l|}\hline & 2006 & 2007 \\\hline \text { Costs incurred this year } & \$ 100 & \$ 200 \\\hline \text { Total estimated costs remaining at end of year } & 700 & 400 \\\hline\end{array}$

• A) $104
• B) $129
• C) $86
• D) $61