On January 1, 2018, DMCI Company started the construction of a building at a fixed contract price of P1,000,000. On the same date, the customer paid a mobilization fee equal to 5% of contract price that will be deductible from the first billing. The outcome of construction contract cannot be estimated reliably During 2018, the entity billed the customer equivalent to 30% of the contract price. During 2019, the entity billed again the customer amounting to 20% of the contract price. During 2020, the entity billed again the customer amounting to 40% of the contract price. The remaining billing was made at the year of completion of the project. The entity made collection from the customer at the end of 2018, 2019 and 2020, in the amount of P120,000, P450,000 and P180,000, respectively. The entity provided the following data concerning the direct costs related to the said project: 2020 2018 2019 50,000 Cumulative costs incurred at year-end 360,000 800,000 870,000 Remaining estimated costs to complete at year- 840,000 250,000 end What is the excess of construction in progress over progress billings or excess of progress billings over construction in progress on December 31, 2020? Group of answer choices 80,000 excess billings 50,000 excess construction in progress 30,000 excess billings 20,000 excess construction in progress