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Estimated cost to complete the project

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Locke & Key Construction Co. has used the cost-to-cost percentage method of recognizing revenue. The following incomplete records were provided for a recently completed building project.

2017 2018 2019

Contract price P20,000,000

Gross profit (loss) 400,000 P1,400,000 P(200,000)

Cost incurred 3,600,000 ? 8,200,000

What was the estimated cost to complete the project at the end of 2018?

Reference no: EM133253568

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