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How much loss should Rodriguez Inc recognize

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Reference no: EM132796223

Question - During 2030, RODRIGUEZ INC. started work on a P 3,000,000 fixed price contract. Any costs incurred are expected to be recoverable. The accounting records disclosed the following data for the year ended December 31, 2030: Cost incurred - P 930,000; Estimated cost to complete - P 2,170,000; Progress billings - P 1,100,000; and Collections - P 700,000.

How much loss should Rodriguez Inc. recognize in 2030 under the percentage of completion method?

How much loss should Rodriguez Inc. recognize in 2030 under the zero profit method?

Reference no: EM132796223

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