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X Co has a contract with a client to build a factory unit at a price of $500,000. The following data is available at X Co’s year-end of 31 Dec 20X1. Actual costs to date are $400,000, expected costs to complete the contract in 20X2 are $150,000, the contract began in early 20X1 and is 80% complete at 31 Dec 20X1. Which of the following show the financial effects of the contract in the statement of profit or loss of X Co for 20X1? A. Cost of sales $440,000. B. Cost of sales $450,000. C. Cost of sales $400,000. D. Revenue $400,000. |