19. The BITTER Company started work in three job sites during the current year. 3...
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19. The BITTER Company started work in three job sites during the current year. 3 points Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below at the end of the year: What would be the amount of CIP account to be reported on the year-end balance sheet if the (1) POC method, and (2) cost recovery method (zero profit) was used?* Estimated costs to complete PROJECT Contract Price Project 6 P500,000 Project 7 700,000 Project 8 250,000 Mark only one oval. Costs Incurred P375,000 100,000 100,000 P400,000 100,000 A. (1) P765,000;(2) P700,000 B. (1) P765,000; (2) P765,000 C. (1) P265,000; (2) P265,000 D. (1) P265,000; (2) P200,000
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