On 1 July 2016 a fixed-price contract for total revenue of $20 million was signed for the construction of a bridge.The construction contract is considered to represent one 'performance obligation' and will be the unit of account for construction accounting.The project is anticipated to be completed by 30 June 2019.

Cost (an input measure) is used as the basis for measuring progress towards satsifaction of the performance obligation.The asset under construction is deemed to be under the control of the client throughout the period of construction.

The following information summarises the financial aspects of the project:

For the year ending 30 June

2017

2018

2019

$000

$000

$000

Cost for the year

4 000

7 000

6 500

Estimated costs to complete

12 000

6 000

-

Progress billings to date

4 300

12 200

20 000

Cash collected for the year

3 800

6 100

10 100

What is the percentage of completion for the year ending 30 June 2018?

a.53.9%

b.55%

c.64.7%

d.None of the given answers.