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Question - CHING CORP. uses the cost to cost method to account for its construction contracts. The contract price of the project is P 1,800,000. CHING CORP. estimates that it will take 36 months to complete the contract. The following information for its construction contract is presented below: Costs incurred to date (2021) - P 400,000, (2022) - P 1,260,000, (2023) - ? ; Realized gross profit for the current year (2021) - P 50,000, (2022) - P 310,000, (2023) - P 80,000.
a. What is the percentage of completion rate in year 2021?
b. What is the total estimated cost to complete in 2023?
c. What is the percentage of completion rate in year 2022?
d. What is the estimated cost to complete in year 2021?
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