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Determine the contract costs incurred

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Question - You determined the following information from a certain P2,000,000 fixed-price construction contract:

 

2026

2027

2028

Gross profit (loss) each year

P50,000

P175,000

(P25,000)

Costs incurred each year

450,000

?

1,025,000

Required - Determine the 2027 contract costs incurred?

Reference no: EM133005785

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