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5. Moonlight Construction signed a contract to build a building over a period 3 years for a price of P10,000,000. Information relating to the performance
5. Moonlight Construction signed a contract to build a building over a period 3 years for a price of P10,000,000. Information relating to the performance of the contract is summarized as follows: 2017 2018 2019 Construction costs incurred during 2,500,000 3,000,000 1,500,000 the year Estimated costs to complete 3,500,000 1,500,000 - Billings during the year 1,200,000 2,600,000 3,200,000 Collections during the year 1,000,000 2,700,000 3,300,000 Compute the Revenue, Cost and Gross Profit from year 2017 to 2019 under Percentage of Completion
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