Remington Construction Company uses the percentage-of-completion method. During 2020, the company entered into a fixed-price contract to construct a building for Sherman Company for P30,000,000. The following details pertain to the contract: At December 31, 2020 25% At December 31, 2021 60% Percentage of completion Estimated total cost of contract P22,500,000 P25,000,000 Gross profit recognized to date 1,875,000 3,000,000 The amount of construction costs incurred during 2021 was

Remington Construction Company uses the percentage-of-completion method. During 2020, the company entered into a fixed-price contract to construct a building for Sherman Company for P30,000,000. The following details pertain to the contract: At December 31, 2020 25% At December 31, 2021 60% Percentage of completion Estimated total cost of contract P22,500,000 P25,000,000 Gross profit recognized to date 1,875,000 3,000,000 The amount of construction costs incurred during 2021 was

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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