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Bailey constructs buildings for customers which can take many years to complete. Bailey has three contracts in progress at 30 September 20×7, which are detailed below. All of the contracts below began in the current year.
Contract 1 Contract 2 Contract 3
RM ‘000 RM ‘000 RM ‘000
Price 10,000 8,000 4,000
Costs incurred to date -6,000 -4,000 -500
Costs to complete -1,000 -6,000 -2,000
Progress 80% 60% 25%
Amount billed to date 7,000 3,000 1,000
What cost of sales should be recorded (to the nearest thousand) in relation to contract 2?
A $4,200,000
B $9,400,000
C $5,640,000
D $6,800,000
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