A firm has undertaken a contract with an estimated total cost of $500 million at a price of $800 million. At the end of the first reporting period, the firm has devoted resources of $180 million to the project. The customer has been billed for $250 million and made payments of $160 million. The amount of revenue the firm should record for the period is closest to:
$180 million.
$250 million.
$290 million.
Answer is C
Can someone explain in detail how?