Gomez, Inc. began work in 2018, which provided for a contract price of $19,200,000. Other details follow: 2018 2019 Costs incurred during the year $3,200,000 $9,800,000 Estimated costs to complete, as of December 31 9,600,000 0 Billings during the year 3,600,000 14,400,000 Collections during the year 2,400,000 15,600,000 Reference: Ref 18-4 Assume that Gomez uses the percentage-of-completion method of accounting. The portion of the total gross profit to be recognized as income in 2018 is: a. $1,600,000. b. $1,200,000. c. $6,400,000. d. $4,800,000.
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