Reference no: EM132945078
On August 1, 2019, Panglao Construction Company obtain a contract to construct a low rise building in Taguig City. The building was estimated to cost P17.5M and is scheduled for completion on October 2021. The contract contains a penalty clause to the effect that the other party is to deduct P35,000 from the contract price for each week of delay. Completion was delayed for 5 weeks.
Below are the data pertaining to the construction period.
2019
Costs incurred 1,750,000
Estimated costs to complete 7,000,000
Progress billings 1,400,000
2020
Costs incurred 6,440,000
Estimated costs to complete 910,000
Progress billings 15,225,000
2021
Costs incurred 1,085,000
Estimated costs to complete 0
Progress billings 4,200,000
Problem 1: Using the percentage of completion method, the realized gross profit (loss) for the year 2021 is:
A. 822,500
B. (35,000)
C. 840,000
D. (122,500)
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