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    AJ Adecer Caguisa
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    This document shows the percentage of completion and gross profit calculations for a construction project over three years from 2006 to 2008. The percentage of completion increased each year from 11.11% in 2006 to 50% in 2007 and 83.33% in 2008. The gross profit earned also increased each year, with P666,600 earned in 2006, P1,333,400 earned in 2007, and P500,000 earned in 2008.

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    answer key for problem 4 requirement a

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    a4

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    This document shows the percentage of completion and gross profit calculations for a construction project over three years from 2006 to 2008. The percentage of completion increased each year from 11.11% in 2006 to 50% in 2007 and 83.33% in 2008. The gross profit earned also increased each year, with P666,600 earned in 2006, P1,333,400 earned in 2007, and P500,000 earned in 2008.

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    2 views1 page

    A 4

    Uploaded by

    AJ Adecer Caguisa
    This document shows the percentage of completion and gross profit calculations for a construction project over three years from 2006 to 2008. The percentage of completion increased each year from 11.11% in 2006 to 50% in 2007 and 83.33% in 2008. The gross profit earned also increased each year, with P666,600 earned in 2006, P1,333,400 earned in 2007, and P500,000 earned in 2008.

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    of 1

    (a) 2006 2007 2008

    Cost incurred to date P 1,000,000 P  5,500,000 P10,000,000


    Divide by total estimated cost to complete P 9,000,000 P11,000,000 _12,000,000
    Percentage of Completion 11.11% 50% 83.33%

    2006 2007 2008


    (b) Contract Price P15,000,000 P15,000,000 P15,000,000
    Less: Total Estimated Cost to complete
    Cost incurred to date 1,000,000 5,500,000 10,000,000
    Estimated costs to complete __8,000,000 __5,500,000 __2,000,000
    Total __9,000,000 _11,000,000 _12,000,000
    Estimated gross profit 6,000,000 4,000,000 3,000,000
    Percentage of completion ___11.11% ______50% ___83.33%
    Gross profit earned to date 666,600 2000,000 9,500,000
    Less: Gross profit earned in previous years ________– ___666,600 _2,000,000
    Gross profit earned this year P   666,600 P  1,333,400 P   500,000

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