Contract BD258 began on January 15, 2020 and was completed on September 15, 2020 in the contractor’s financial year. The

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Contract BD258 began on January 15, 2020 and was completed on
September 15, 2020 in the contractor’s financial year. The total
value of the contract was $6,500 000.
On December 31, 2020, the inspecting engineer issued his final
certificate of work done.
The following information relating to the contract was made
available from the company’s records:
Details/Accounts
$
Direct labour
1,200,000
Direct materials, less returns
480,000
Materials from store and workshops
196,000
Plant maintenance and use
380,000
Direct expenses
400,000
General overheads
240,000
Materials on hand December 31st
40,000
Wages owing at December 31st
65,000
Direct expenses prepaid
48,000
Value of work certified by the inspecting
engineer
4,000,000
Cash received on account
4,500,000
Required: