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How much are the revenue and cost of construction recognized

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Question - During 20x1, Cord Builders, Inc. started work on a Php 9,000,000 fixed-price construction contract. Cord appropriately uses the percentage-of-completion method in accounting for the contract. Cord's accounting records disclosed the following:

 

20x1

20x2

Cumulative contract costs incurred

3,900,000

6,300,000

Estimated total costs at completion

7,800,000

8,100,000

Required - How much are the revenue and cost of construction recognized in 20x2, respectively?

Reference no: EM133177956

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