December 2012 #4(b)

Hello... I’m having a bit of problem with Dec 2012 #4 (b). This is what I did. Expected profit= $50 ($250-$200) Stage of completion based on the sales basis= 64% (160/250*100) SOPOL figures: Revenue $160 (64%* $250) COS ($128) (64% * 200) Profit $32 SOFP figures: Gross amounts due “to”/”from” customers is based on whether we have a Dr or Cr balance on the Contract a/c. Contract a/c Costs incurred 145 DR Revenue 160 DR Progress billings 160 CR COS 128 CR Balance 17 DR Therefore under current assets we will have gross amounts due “from” customers under construction contracts. Receivables a/c Progress billings 160 DR Cash received 150 CR Balance 10 DR Based on the examiners answers I got the figures for the SOFP correct. But I did not get the SOPOL figures right. Instead I noticed he only showed what I think is the difference for the particular figure between both the cost and sales basis method. Can you explain why he did that? Or Where did I go wrong? Thanks!