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How much is the total estimated gross profit

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Reference no: EM133075775

Question - Tokyo company has used the cost-to-cost method of computing the percentage of completion to recognize revenue. Construction began in 2018 and was completed in 2020. Total contract price was P10,000,000. The following data are available:

 

2018

2019

2020

Realized gross profit (loss) current year

P200,000

P700,000

(P100,000)

Cost incurred each year

1,800,000

?

4,100,000

Required - How much is the total estimated gross profit on the project by the end of 2019?

Reference no: EM133075775

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