Reference no: EM132936906
Elf Builders Company entered into a P4.5M contract in early 2019 to construct a multipurpose hall for the city of Makati. Construction time is extended over the 2-year period. The table below describes the pattern of progress payments made by the City of Makati and costs incurred by Elf Builders by semiannual periods. Estimated costs of P3.6M were incurred as expected.
Progress Payments for Period
1/1/19 - 6/30/19 P750,000
7/1/19 - 12/31/19 P1,050,000
1/1/20 - 6/30/20 P1,950,000
7/1/20 - 12/31/20 P750,000
Progress Costs for Period
1/1/19 - 6/30/19 P900,000
7/1/19 - 12/31/19 P1,200,000
1/1/20 - 6/30/20 P1,080,000
7/1/20 - 12/31/20 P420,000
Elf Builders Company prepares financial statements twice each year, June 30 and December 31.
Required:
Problem 1: Compute the amount of contract revenue, contract costs and profit for the four semiannual periods using the percentage of completion method.
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