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How much is the total estimated cost to complete

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Sta. Clara Construction Company has used the cost to cost percentage of completion method of recognizing revenue. In reviewing the records, Sta. Clara finds the following information regarding a recently completed building project for which the total contract was P20,000,000.

              Gross profit (loss)            Cost incurred
2017          400,000                        3,600,000
2018         1,400,000                          ?
2019          (200,000)                     8,200,000

  • Sta. Clara wants to know how effectively the company operated during the last 3 years on this project and, since the information is not complete, has asked you to analyze the project as to the amount of revenue, costs, gross profit and percentage of completion recognized during the 3 years.

Problem a. How much is the contract revenue during 2017?

Problem b. What is the percentage of completion in 2017?

Problem c. How much is the cost incurred in 2018?

Problem d. What is the percentage of completion in 2018?

Problem e. How much is the total estimated cost to complete in 2018?

Problem f. How much is the total estimated gross profit in 2018?

Reference no: EM132843452

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