Reference no: EM133085729

Question - GIRANG Construction Bhd. is a contractor for the construction of office buildings in Kuala Ketil. At the beginning of the year 2018, the company began constructing 3 different buildings at different places. The following data describes the status of these building at the end of year 2018.

	A1	A2	A3
Contract Price (RM'000)	4,000	9,000	13,150
Costs incurred to date (RM'000)	2,070	6,318	3,000
Estimated Costs to complete (RM'000)	1,380	1,782	9,000

During the year 2019, the company incurred the following costs for particular building:

A1 RM930,000 (estimated costs to complete RM750,000)

A2 RM1,800,000 (Job were completed)

A3 RM7,400,000 (estimated costs to complete RM2,800,000)

Required - Calculate the stage of completion of for all construction contracts above for both year 2018 and 2019. Assume the company practice the cost-to-costs percentage of completion method.

Calculate the total revenues, total costs and gross profit for the year 2018 and 2019.