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Large Co has a long term contract to replace 200 cement wagons belonging to the Grouting Company for $40,000 each. So far, 60% of the work has been done at a cost of $4.9 million, the estimated costs to completion being $1.1 million. Grouting have so far made progress payments of $3.5 million. Given that no previous charges have been made for this contract, how much should now be shown as cost of sales for this contract? A. $4.8 million. B. $3.6 million. C. $3.5 million. D. $4.9 million. |