Need calculation for Work in Progress. (ONE PROJECT ONLY)
I have the Income from the project, costs incurred as at closing of financial year, completed percentage and figures that are yet to be billed upon completion of project.
The task is the calculate and SHOW how the Work In Progress as at closing of Financial year been calculated.
Here they are
Income at 30 June for the project is $1,400,300
Costs incurred as at 30 June for the project is $1,171,500
Project completed is 25%
Yet to be billed for the project is $4,485,000.
Costs to complete the project is $13,500.
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