A Company has used the cost-to-cost percentage-of-completion (Over time) method of recognizing revenue. The following information regarding a recently completed building project for which the total contract price was P2,000,000. Description 2018 2019 2020 Gross profit (loss) P40,000 P140,000 P(20,000) Cost incurred each year  360,000 ? 820,000 What was the total estimated gross profit by the end of 2019?

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Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.