For many years china relied on central planning but is currently moving away from a central market to a free market based economy. this would mean that china’s economy is in a state of transition. select the best answer from the choices provided

t or f

$2.5 million

Explanation:

Conrad construction estimated its total costs at $16 million and a gross profit of $4 million (25% of costs incurred).

If the company incurred in $2 million costs during this year, it can estimate its gross profit at $500,000.

So the total revenue that it should report for the year is $2.5 million (= $2 million + $0.5 million)