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What the total amount of profit to be reported on project

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Reference no: EM132945614

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 Prestige
Contract Price 50M
Costs incurred 10.5M
Est. Costs to complete 31.5M
Billings on contract 12.5M
Collections on contract 10M

Job #2: Camella Geenville
Contract Price 20M
Costs incurred 6.3M
Est. Costs to complete 14.7M
Billings on contract 6.5M
Collections on contract 6M

Problem 1: The total amount of profit or (loss) to be reported on these projects is

A. P2.3M
B. P2M
C. P1.7M
D. P1M

Reference no: EM132945614

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