Stage of completion Formula

Stage of completion Formula

Stage of completion can be calculated by the following formula.

Stage of Completion =   Work Certified   .   

                                     Contract Price

Example

Work Certified = 25,000

Contract price = 40,000

What would be stage of completion?

Solution

Stage of Completion =   Work Certified   .   

                                     Contract Price

= (25,000/40,000)

=62.5% (Stage of completion)

Cost incurred Stage of completion Formula

Cost incurred Stage of completion Formula

Stage of completion can be calculated by the following formula.

Stage of Completion =   Cost incurred to Date   .   

                                    Total estimated Cost

Example

Cost incurred = 45,000

Total estimated Cost = 60,000

What would be stage of completion?

Solution

Stage of Completion =   Cost incurred to Date   .   

                                    Total estimated Cost

= (45,000/60,000)

=75% (Stage of completion)