14. Calypso Inc. employs the cost-to-cost method in determining the percentage of completion for revenue recognition. The company's records show the following information on a recently completed project for a contract price of P11,000,000. Costs incurred Gross profit (loss) 2015 P1,980,000 220,000 2016 P5,610,000 770,000 2017 P? (110,000) Compute for the (1) total estimated construction costs at December 31, 2016, and (2) the actual costincurred during the year 2017. Mark only one oval. (1) P3,740,000; (2) P2,530,000 (1) P3,740,000; (2) P4,510,000 (1) P9,730,769; (2) P4,510,000 (1) P9,730,769; (2) P2,530,000 0000
14. Calypso Inc. employs the cost-to-cost method in determining the percentage of completion for revenue recognition. The company's records show the following information on a recently completed project for a contract price of P11,000,000. Costs incurred Gross profit (loss) 2015 P1,980,000 220,000 2016 P5,610,000 770,000 2017 P? (110,000) Compute for the (1) total estimated construction costs at December 31, 2016, and (2) the actual costincurred during the year 2017. Mark only one oval. (1) P3,740,000; (2) P2,530,000 (1) P3,740,000; (2) P4,510,000 (1) P9,730,769; (2) P4,510,000 (1) P9,730,769; (2) P2,530,000 0000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please explain in detail
![14.
Calypso Inc. employs the cost-to-cost method in determining the percentage of completion for revenue recognition.
The company's records show the following information on a recently completed project for a contract price of
P11,000,000.
2015
2016
2017
Costs incurred
Gross profit (loss)
P1,980,000
P5,610,000
P?
220,000
770,000
(110,000)
Compute for the (1) total estimated construction costs at December 31, 2016, and (2) the actual costincurred during
the year 2017.
Mark only one oval.
(1) P3,740,000; (2) P2,530,000
(1) P3,740,000; (2) P4,510,000
(1) P9,730,769; (2) P4,510,000
(1) P9,730,769; (2) P2,530,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff3b8e68f-3309-475d-aa8e-1dccd17db797%2Fee0bbf7c-3f11-444c-865a-eed3fca1a160%2Fnyz5y1x_processed.jpeg&w=3840&q=75)
Transcribed Image Text:14.
Calypso Inc. employs the cost-to-cost method in determining the percentage of completion for revenue recognition.
The company's records show the following information on a recently completed project for a contract price of
P11,000,000.
2015
2016
2017
Costs incurred
Gross profit (loss)
P1,980,000
P5,610,000
P?
220,000
770,000
(110,000)
Compute for the (1) total estimated construction costs at December 31, 2016, and (2) the actual costincurred during
the year 2017.
Mark only one oval.
(1) P3,740,000; (2) P2,530,000
(1) P3,740,000; (2) P4,510,000
(1) P9,730,769; (2) P4,510,000
(1) P9,730,769; (2) P2,530,000
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