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Kapoor Engineering Company undertakes a long-term contract which involves the fabrication of prestressed concrete blocks and the erection of the

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Kapoor Engineering Company undertakes a long-term contract which involves the fabrication of prestressed concrete blocks and the erection of the same on consumer's site. 

The following is supplied regarding the contract which is incomplete on 31st March, 2001. Cost incurred:

You are required to prepare a statement for submission to the management indicating:

(a). The estimated profit on the completion of the contract,

(b). The estimated profit to date on the contract. 

Transcribed Image Text:

Fabrication costs to date: Direct materials Direct labour Overheads Erection costs to date Total Contract price Cash received on account Technical estimate of work completed to date: Fabrication: Direct materials 80% Direct labour and overheads 75% Erection 25% Rs. 2,80,000 90,000 75,000 4,45,000 15,000 4,60,000 8,19,000 6,00,000

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To calculate the estimated profit on the completion of the contract and the estimated profit to date you ll need to follow these steps Calculate the E…View the full answer


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Related Book For  answer-question
Cost Accounting

Cost Accounting

ISBN: 9780070221628

4th Edition

Authors: Jawahar Lal, Seema Srivastava

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Question Details
Chapter # 10- Job-Order Costing: Cost Flows and External Reporting
Section: Problem
Problem: 13
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Question Posted: September 05, 2023 06:19:09
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