Question #5 ( 8 marks) In 2016, Safa construction began construction work on a 3-year contract. The contract price was $750,000. Safa uses the percentage of completion method {PC}. PC The income statement for the project in 2016 is given below: [Costs incurred to date]/[Total estimated costs] Construction revenue 1E+05 1E+05 Construction expenses Gross profit 25000 Calculate the initial estimated total cost, and the initial estimated total profit Question #5 ( 8 marks) In 2016, Safa construction began construction work on a 3-year contract. The contract price was $750,000. Safa uses the percentage of completion method {PC}. PC The income statement for the project in 2016 is given below: [Costs incurred to date]/[Total estimated costs] Construction revenue 1E+05 1E+05 Construction expenses Gross profit 25000 Calculate the initial estimated total cost, and the initial estimated total profit