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Determine the profit recognized from the contract

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Question - State Construction Company recognizes revenue using the percentage of completion method. During 2019, a single long term contract was begun. Information on the project is given below.

2019

Accounts Receivable from client 1,000,000

Construction Costs 1,050,000

Construction in Progress 1,220,000

Partial Billings on contract 1,000,000

2020

Accounts Receivable from client 3,000,000

Construction Costs 1,920,000

Construction in Progress 3,640,000

Partial Billings on contract 4,200,000

Determine the profit recognized from the contract in 2019?

a. P500,000

b. P1,280,000

c. P1,008,000

d. P2,280,000

Reference no: EM133048091

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