Marsh Contractors uses the percentage-of-completion method to account for the contract revenue and expense in each reporting period.

On Feb. 1, 2020, Marsh Contractors agrees to construct a building at a contract price of $17,400. At the end of 2020, Marsh summarizes the contract info as follows:

As of the end of 2020

Total Costs incurred during the year - $4,500

Estimated costs to complete - $7,500

What is the percentage of completion at the end of 2020?

A: 25.86%

B: 62.50%

C: 37.50%

D: 68.97%