SMC entered into a long-term construction contract for 3 years. Contract price agreed was P4,150,000. The outcome of the contract was estimated reliably. The following data were ascertained for the contract: December 31, 2017 December 31, 2018 Percentage of completion 30% 82.5% Estimated cost to complete 1,960,000 840,000 1. What is the total cost incurred in year 2018? A. 4,073,750 C. 1,680,000 B. 840,000 D. 3,120,000 2. The realized gross profit (loss) in year 2018 is A. 650,000 C. (. 245,000) B. 405,000 D. (1,055,000) 3. What is the construction cost of sales for year 2018? A. 3,960,000 C. 3,233,750 B. 3,120,000 D. 4,478,750 4. What is the construction-in-progress as of 2018? A. 3,423,750 C. 2,065,000 B. 3,310,000 D. 2,470,000
SMC entered into a long-term construction contract for 3 years. Contract price agreed was P4,150,000. The outcome of the contract was estimated reliably. The following data were ascertained for the contract:
December 31, 2017 December 31, 2018
Percentage of completion 30% 82.5%
Estimated cost to complete 1,960,000 840,000
1. What is the total cost incurred in year 2018?
A. 4,073,750 C. 1,680,000
B. 840,000 D. 3,120,000
2. The realized gross
A. 650,000 C. (. 245,000)
B. 405,000 D. (1,055,000)
3. What is the construction cost of sales for year 2018?
A. 3,960,000 C. 3,233,750
B. 3,120,000 D. 4,478,750
4. What is the construction-in-progress as of 2018?
A. 3,423,750 C. 2,065,000
B. 3,310,000 D. 2,470,000
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