On January 1, 2016, Beyond Borders Construction Corp. began constructing a P1,750,000 contract. As of year- end, the following are relevant information provided by the corp.: 2016 2017 2018 ? Construction in Progress Estimated cost to complete P 367,500.00 1,124,375.00 1,333,125.00 625,625.00 Cost Incurred 354,375.00 807,500.00 563,125.00

On January 1, 2016, Beyond Borders Construction Corp. began constructing a P1,750,000 contract. As of year- end, the following are relevant information provided by the corp.: 2016 2017 2018 ? Construction in Progress Estimated cost to complete P 367,500.00 1,124,375.00 1,333,125.00 625,625.00 Cost Incurred 354,375.00 807,500.00 563,125.00

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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Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018 - P792,000. Cost of sales = 2019 - 480,000; 2018 - 464,000. Gross profit = 2019 - P330,000; 2018 - P328,000. Sales price was 10% lower during 2019. The decrease in gross profit due to decrease in selling price must be: