e year end of GLCN Co is 30 November 2020. The company pays for its electricity by a standing order of 600 USD per month. On 1 December 2019, the statement from the electricity supplier showed that GLCN had overpaid by 200 USD. GLCN Co received electricity bills for the four quarters commencing on 1 December 2019 and ending on 30 November 2020 for 1300, 1400, 2100, and 2000 USD respectively. Which of the following is the correct charge for electricity in GLCN CO`s P&L statement, 30 November 2020

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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.