On February 20, 2022, ABC Construction Company entered into a fixed-price contract to construct a commercial building for P9,000,000. ABC determined that the performance obligation is satisfied over time. Information relating to the contract is as follows: 2022 2023 Percentage of completion 25% 75% Estimated costs at completion P6,750,000 P7,200,000 How much is the contract costs charged to profit or loss in 2022? On February 20, 2022, ABC Construction Company entered into a fixed-price contract to construct a commercial building for P9,000,000. ABC determined that the performance obligation is satisfied over time. Information relating to the contract is as follows: 2022 2023 Percentage of completion 25% 75% Estimated costs at completion P6,750,000 P7,200,000 How much is the contract costs charged to profit or loss in 2
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On February 20, 2022, ABC Construction Company entered into a fixed-price contract to construct a commercial building for P9,000,000. ABC determined that the performance obligation is satisfied over time. Information relating to the contract is as follows:
|
|
2022 |
2023 |
|
Percentage of completion |
25% |
75% |
|
Estimated costs at completion |
P6,750,000 |
P7,200,000 |
How much is the contract costs charged to profit or loss in 2022?
On February 20, 2022, ABC Construction Company entered into a fixed-price contract to construct a commercial building for P9,000,000. ABC determined that the performance obligation is satisfied over time. Information relating to the contract is as follows:
|
|
2022 |
2023 |
|
Percentage of completion |
25% |
75% |
|
Estimated costs at completion |
P6,750,000 |
P7,200,000 |
How much is the contract costs charged to profit or loss in 2022?
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