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What is the realized gross profit

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Question - DUENAS, Inc. works on a P5,250,000 contract in 2018 to construct an office building. During 2018, DUENAS, Inc. uses the cost to cost method. At December 31, 2018, the balances in certain accounts were: Construction in progress - P1,890,000 ; accounts receivable - P180, 000 ; and billings on construction in process P900,000 ; contract retention - P90,000 ; mobilization fee - P70,000. At December 31, 2018, the estimated cost at completion is P3,675,000.

Required - What is the realized gross profit in 2018?

A. 551,250

B. 531,250

C. 621,250

D. 567,000

Reference no: EM133170282

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