27. High Rise Corp. has entered into a very protable xedprice contract for constructing a condominium building over a period of three years, with a total estimated cost of P 18,000,000 million. It incurs the following costs relating to the contract during the rst year of construction Materials P 2.5 million Site labor costs 2.0 million Agreed administration cost as per contract to be reimbursed by the Customer 1.0 million Depreciation of the plant used for the construction 0.5 million Marketing cost for selling condo units when they are ready for Occupancy 1.0 million What is the percentage of completion of this contract? a. 33 1/3% b. 27% c. 25% d. 39%