During 2021, Cord Builders, Inc. work on a P9,000,000 fixed-price construction contract that was completed in 2022. Cord's accounting records disclosed the following: 2021 2022 Cumulative contract costs incurred 3,900,000 6,300,000 Estimated total cost 7,800,000 8,100,000 Compute for the Gross Profit using the following methods: Year 2021 Year 2022 Completed Contract Method Zero Profit Method Percentage of Completion Method

During 2021, Cord Builders, Inc. work on a P9,000,000 fixed-price construction contract that was completed in 2022. Cord's accounting records disclosed the following: 2021 2022 Cumulative contract costs incurred 3,900,000 6,300,000 Estimated total cost 7,800,000 8,100,000 Compute for the Gross Profit using the following methods: Year 2021 Year 2022 Completed Contract Method Zero Profit Method Percentage of Completion Method

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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