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How much is the profit recognized

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Question - In 20x1, ABC Co. enter into a contract with a customer for the construction of a building. The contract price is Php 6M. ABC Co. uses the 'cost-to-cost' method in measuring its progress on the contract.

ABC Co. estimates total contract costs at completion of Php 4M. ABC incurs actual costs of Php1M in 20x1.

In 20x2, ABC incurs actual costs of Php2.45M and revises its estimate of total contract costs at completion to Php 4.6M.

ABC completes the construction in 20x3. The actual total cost of the contract is Php4.5M.

Required - How much is the profit recognized in 20x3?

Reference no: EM133173643

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