Following information is supplied regarding a contract in progress : Details Amount (₹) Stage of completion (%) Erection cost to date 7,500 25 Fabrication cost to date: Material 60,000 60 Wages and other expenses 47,500
CS Executive · Cost and Management Accounting · PYQS · June 2016
Following information is supplied regarding a contract in progress : Details Amount (₹) Stage of completion (%) Erection cost to date 7,500 25 Fabrication cost to date: Material 60,000 60 Wages and other expenses 47,500 50 Contract value 2,00,000 The estimated profit or loss at the completion of the contract will be —
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Contract Costing
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