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Compute how much is the actual cost incurred

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Question - East Builders works on a P60 million contract in 2020 to construct a shopping mall for SM Inc. During 2020, East Builders uses the percentage of completion method of revenue recognition. On December 31, 2020, the account balances were:

Construction in progress P20.0 million

Accounts Receivable 2.4 million

Contract billings 12.0 million

Estimated cost to complete 23.5 million

Required - Compute how much is the actual cost incurred in 2020?

Reference no: EM133056745

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