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Resto Construction Company started work in two job sites of Palmera Homes during the current year. Data relating to the jobs are given below:
Job #1: Camella PrestigeContract Price 50MCosts incurred 10.5MEst. Costs to complete 31.5MBillings on contract 12.5MCollections on contract 10M
Job #2: Camella GeenvilleContract Price 20MCosts incurred 6.3MEst. Costs to complete 14.7MBillings on contract 6.5MCollections on contract 6M
Problem 1: The total amount of profit or (loss) to be reported on these projects is
A. P2.3MB. P2MC. P1.7M D. P1M
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