Question: Motul Co. entered into a long-term construction contract for 3 years. Contract price agreed was P8,300,000. The outcome of the contract was estimated reliably.

Motul Co. entered into a long-term construction contract for 3 years. Contract

Motul Co. entered into a long-term construction contract for 3 years. Contract price agreed was P8,300,000. The outcome of the contract was estimated reliably. The following data were ascertained for the contract: What is the construction in progress as of 2021? Percentage of Completion 2020 - 30% 2021 - 82.5% Estimated Costs to Complete 2020 - 3,920,000 20211,680,000

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To calculate the Construction in Progress as of 2021 youll need to use the Percentage of Completion method This method recognizes revenue and costs on ... View full answer

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