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During 2018, the entity billed the customer equivalent to 30% of the contract price. During...

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Accounting

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During 2018, the entity billed the customer equivalent to 30% of the contract price. During 2019, the entity billed again the customer amounting to 20% of the contract price. During 2020 the entity billed again the customer amounting to 40% of the contract price. The remaining billing was made at the year of completion of the project. The entity made collection from the customer at the end of 2018, 2019 and 2020, in the amount of P120,000, P450,000 and P180,000, respectively. The entity provided the following data concerning the direct costs related to the said project: 2020 2018 2019 870,000 Cumulative costs incurred at year-end Remaining estimated costs to complete at year- end 360,000 840,000 800,000 250,000 50,000 What is the realized gross profit for the year ended December 31, 2019? Group of answer choices 50,000 0 150,000 200,000

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