Reference no: EM132782701
Flea Co. entered Into a P10,000,000 contract to construct a multi-purpose recreational facility. The estimated total costs on completion of the project were P8.000,000 and the contract period was 36 months starting January 1, 20x1. Flea Co. uses the cost-to-cost method to estimate its progress on the project. On January I, 20x2, the contract price was reduced to P9,500,000 due to many changes made to the original contract. The accounting records relating to this contract for the years 20x1 to 20x3 disclosed the following:
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Year
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Actual costs in current year
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Estd. costs to complete
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Progress billings
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20x1 20x2 20x3
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3,000,000
3,500,000
1,700,000
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5,000,000
1,600,000
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2,800,000
4,000,000
2,700,000
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