Reference no: EM132665743
VG DEVELOPMENT COMPANY started work on a construction contract in 2015. The contract rice is P 10,000,000. However, if the cumulative inflation reaches or exceeds 25%, the contract price shall be adjusted upward by 10%. Cost escalations on the contract are probable as to recovery.
Additional information on the contract is shown below:
2015 2016
Costs incurred to date P 2,400,000 P 4,500,000
Estimated cost at completion 6,000,000 6,000,000
Cumulative inflation rate 18% 27%
Question:
Problem 1. What is the percentage of completion during the year 2015?
Problem 2. What is the percentage of completion during the year 2016?
Problem 3. What is the contract price in 2015?
Problem 4. What is the contract price in 2016?
Problem 5. What is the realized gross profit in 2015?
Problem 6. What is the realized gross profit in 2016?
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