In 2021, A construction contract was entered into by X Corporation.
Data are as follows:
2021 2022
Construction cost to date 148,750 420,000
Excess of
Construction in
Progress over Billings 38,750 (61,250)
- Contract Asset /
(liability)
Progress Billings 145,000 612,500
Collection from the contract 135,000 437,500
Compute the percentage of completion as of 2022 if the total contract price is P 1,513,250.
O 28%
O 36%
O 25%
O 44%