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How much is the revenue and profit is recognized

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Question - In 20x1, Johnny Co. enters into a contract to build a house for Bravo Co. for a fixed contract price of Php 4,500,000. At contract inception, Johnny Co. assesses its performance obligations in the contract and concludes that it has a single performance obligation that is satisfied over time. Johnny Co. determines that the measure of progress that best depicts its performance in the contract is the inputs method based on costs incurred. At the end of 20x1, Johnny Co.'s records show the following:

Progress billings 1,650,000

Costs incurred 1,350,000

Collections 1,050,000

Estimated costs to complete 2,700,000

Required - How much is the revenue and profit is recognized in 20x1 respectively?

Reference no: EM133177219

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