I have a C-Corp client in the home construction business. It's a small operation. They usually are only running 2 jobs at a time. Generally, their contracts are fixed price (with change orders) and they report their income under the completed contract method.
This last year they took a time & materials job. The bill for their time (marked up labor) and pass along the costs of materials with no mark up. Are they still allowed (required) to use the completed contract method for this job?