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What the estimated gross profit from the contract is

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Reference no: EM132753550

The following data were taken from the files of LKLD Company:

                                                                     December 31, 2020                         December 31, 2021

Architect's total estimated cost of completion-----------------P7,500,000------------------P8,000,000

Cost incurred ------------------------------------------------------------------------------------------3,000,000

Percentage of completion --------------------------------------------?????------------------------------- 60%

Income recognized to date---------------------------------------------500,000--------------------1,200,000

Problem 1: The estimated gross profit from the contract is:

Option 1: P2,500,000

Option 2: P7,500,000

Option 3: P500,000

Option 4: P1,500,000

Reference no: EM132753550

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