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What the amount of revenue and costs of revenue

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Question - DMCI, Inc. has accepted a project of constructing a 20-storey condominium in Global City at a fixed price contract of P60M. The project is expected to be completed in three years time. The details of the costs incurred in the 1 year are:

Costs of labor in the site P2.5M.

Costs of construction materials, including P500,000 of special materials to be used in year two P12M.

Depreciation of construction equipment and other overhead in the site P2.8M.

Depreciation of idle construction equipment P9M.

Miscellaneous expenses incurred by brokers and sales agents in pre-selling the units P1.5M.

Total estimated costs at completion P48M.

Required - What the amount of revenue, costs of revenue and gross profit or loss to be recognized in the first year?

a. P22.125M; P17.7M; P4.425

b. P15.555M; P16.8M; (P1,245,000)

c. P21M; P16.8M; 4.2M

d. P12M;P16.8M; (P4.8M)

Reference no: EM133040483

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