Question: CBA Co. entered into a long-term construction contract for 3 years. The company estimated the cost of the construction for 3 years amounted to P9,600,000.

CBA Co. entered into a long-term construction contract for 3 years. The company estimated the cost of the construction for 3 years amounted to P9,600,000. The company billed its clients at 125% of the estimated cost for 3 years. The outcome of the contract was not estimated reliably. 2017 Cost incurred 2,350,000 2017 Estimated cost to complete 7,050,000 2017 Billing to customer 28% 2018 Cost incurred 7,796,000 2018 Estimated cost to complete 3,382,000 2018 Billing to customer 42% 2019 Cost incurred 1,694,000 2018 Estimated cost to complete ? 2018 Billing to customer ? What is the total contract price in year 2017? Question 7Answer P9,600,000 P12,000,000 P6,720,000 P11,840,000

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