1. In x4, Mekeni Abe Builders Inc., successfully bided on a fixed-price contract for a factory building at a price of P26,000,000: Mekeni Abe uses the percentage-of-completion method and the following data are obtained on the project. 20:08. Percentage of Estimated total Completion cost of completion Income recognized December 31, x5 December 31, x4 60% S20% P20,800,000 19,500,000 to-date P3,120,000 1,300,000 What is the contract cost incurred in x5 assuming that costs incurred are used to measure the extent of progress toward project completion? a. P12,480,000 b. P. 9,100,000 c. P 8,580,000 d. P 8,320,000