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Calculate the percentage of completion on the contract

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Question - Algor Inc. entered into a $998448 3-year contract to maintain a client's computer system. At the end of the first year, the costs incurred on the contract were $240860 and it was estimated that a further $528736 would be incurred over the remaining years of the contract.

Total costs incurred on the project in the second year of the contract amounted to $333050, and the estimate of the cost to complete the contract in the third year is $236059.

Calculate the percentage of completion on the contract at the end of the second year:

a. 39.56%

b. 70.86%

c. 58.52%

d. 52.05%

Reference no: EM132875877

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