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The BIGMOM Construction signed a contract to build a dam over a period of 3 years for a price of P50,000,000. Information relating to the
The BIGMOM Construction signed a contract to build a dam over a period of 3 years for a price of P50,000,000. Information relating to the performance of the contract is summarized as follows: 2020 2021 2022 Construction costs incurred during the 10,000,000 15,000,000 5.000.000 year Estimated costs to complete 20,000,000 5,000,000 Billings during the year 6,000,000 14,000,000 20.000.000 Collections during the year 5,200,000 14,400,000 20,400,000 Construction costs incurred during the year 10,000,000 15,000,000 5,000,000 Estimated costs to complete 20.000.000 5.000.000 Billings during the year 6,000,000 14,000,000 20,000,000 Collections during the year 5,200,000 14,400,000 20.400.000 Compute the Revenue, Cost and Gross profit for the year 2020 to 2022 under Percentage of Completion and Zero Profit Method
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