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Find the percentage of completion of this contract

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Question - Memory, Inc. has entered into a very profitable fixed price contract for constructing a high-rise building over a period of three years. It incurs the following costs relating to the contract during the first year: Cost of material, P2,500,000; Site labor cost, P2,000,000; Agreed administrative costs per contract to be reimbursed by the customer, P1,000,000; Depreciation of the plant used for the construction, P500,000; Marketing costs for selling apartments, when they are ready, P1,000,000. Total estimated cost of the project, P18,000,000. Find the percentage of completion of this contract at the year-end?

Reference no: EM132602566

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