On January 2, 2020, Manuela Corp. enters into a construction contact with Mr. Manny. The performance obligation in the contract will be satisfied overtime. Manuela uses a percentage of completion "cost to cost method" in measuring progress of the construction. The total estimated cost to complete is P25,000,000. In 2020, Manuela incurred a total cost of P9,500,000, which includes P1,000,000 advance payment to subcontractor. However, the subcontracted work has not yet been started. Also, P500,000 cost of materials not yet used in the construction. What is the percentage of completion rate? Question 13Answer 24% 38% 30% 32%