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BL entered into a contract with a customer on 1 November 20X4. The contract was scheduled
to run for two years and has a sales value of $40 million. BL will satisfy the performance
obligations over time.
At 31 October 20X5, the following details were obtained from BL’s records:
$m
Costs incurred to date 16
Estimated costs to completion 18
Progress at 31 October 20X5 45%
Applying IFRS 15 Revenue from Contracts with Customers, how much revenue and cost of
sales should BL recognise in its statement of profit or loss for the year ended 31 October
20X5?
Revenue Cost of sales
A $40 million $16 million
B $40 million $34 million
C $18 million $16 million
D $18 million $15.3 million
Hi in this question the answer should be D right ? but in Exam kit boot it says the correct answer is C which answer is true could you help plz ?
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