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REVENUE KAPLAN question 292

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › REVENUE KAPLAN question 292

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
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    Posts
  • April 17, 2021 at 2:30 pm #618031
    julietnne
    • Topics: 1
    • Replies: 0
    • ☆

    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

    April 21, 2021 at 8:58 pm #618443
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6115
    • ☆☆☆☆☆

    Hi,

    Have you tried to solve it yourself? I’ll happily help by explaining where you have gone wrong but firstly you need to have given it a go yourself.

    Let me know how you get on and I’ll then help.

    Thanks

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