Reference no: EM132808956
On January 1. 2020, an entity entered into a long-term construction contract to be completed on June 30, 2020 at an original contract price of P2,400,000. Due to the change in structural design as requested by the customer, the contract price increased by P3,600,000 for the year ended December 31, 2021. The Project was completed on September 30, 2022 which resulted to penalty of P1,200,000 for delayed construction.
The following data were provided by the cost accountant of the entity:
Year 2020
Cost incurred during the year P360,000
Estimated remaining cost to complete the end of the year P1,440,000
Year 2021
Cost incurred during the year P3,384,000
Estimated remaining cost to complete the end of the year P2,496,000
Year 2022
Cost incurred during the year P456,000
Estimated remaining cost to complete the end of the year P -
Problem 1: What is the realized gross loss to be recognized by the entity for the year ended December 31, 2021 under percentage of completion method?
Problem 2: What is the realized gross profit to be recognized by the entity for the year ended December 31, 2022 under cost recovery method?
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