Question: Question is (8 marks In 2016, Sala construction began construction work on a 3-year contract. The contract price was $750,000 Safa uses the percentage of

Question is (8 marks In 2016, Sala construction began construction work

Question is (8 marks In 2016, Sala construction began construction work on a 3-year contract. The contract price was $750,000 Safa uses the percentage of completion method (PC). PC (Costs incurred to date 1/[Total estimated costs The income statement for the project in 2016 is given below: Construction revenue Construction experises Gross profit $125,000 100,000 $ 25,000 Calculate the initial estimated total cost, and the initial estimated total profit

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