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What is the excess of construction in progress over progress

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On January 1, 2020, an entity entered into a long-term construction contract with fixed contract price of P2,500,000. The entity billed its client as follows: 30% during 2020, 40% during 2021 and the remainder at the year of project completion. The following data were provided by the cost accountant of the entity.

Year 2020
Cumulative Cost incurred as of the end of the year: 1,100,000
Estimated remaining cost to complete the end of the year: 1,650,000

Year 2021
Cumulative Cost incurred as of the end of the year: 1,800,000
Estimated remaining cost to complete the end of the year: 450,000

Year 2022
Cumulative Cost incurred as of the end of the year: 2,400,000
Estimated remaining cost to complete the end of the year: _

Problem 1: What is the excess of construction in progress over progress billings on December 31, 2020 under percentage of completion method?

Problem 2: What is the excess of construction in progress over progress billings on December 31, 2021 under cost recovery method?

Reference no: EM132812420

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