At the end of year 2, the accounting records for a multi-year construction project indicate actual costs incurred to-date, and most recent estimate of total cost of $3.2 Mill and $9.5 Mill respectively.Assuming the percentage-of completion method is used, at the end of year 2 the project is
A)33.7% complete
B)31.2% complete
C)26.1% complete
D)none of these

Question

Quizplus · Accepted Answer

Percentage of completion = (Actual costs incurred to-date / Estimated total cost) * 100= (3.2 / 9.5) * 100= 33.7%

At the End of Year 2, the Accounting Records for a Multi-Year