PROBLEM 2 ACROP Construction company signs a contract in June 20x1 to refurbish a skyscraper and install new windows for a total contract price ofP12 million. ACROP estimates the following total expected contract costs are: P6 million for the windows which were purchased from external suppliers; P4 million for labor, materials and other costs related to the project. As of 31 December 20x1: ACROP handed over the windows to the client, although the installation has not been completed. However, the client obtained control of windows. . Other costs incurred to 31 December were P1 million. Just before the year-end, the client paid the first progress payment of P8 million to ACROP. What is the percentage of completion at the end of year 1if ACROP uses the input method to determine the POC? What is the amount of Revenue that ACROP should determine at the end of the year? . RUBRICS 5 POINTS EACH - CORRECT ANSWERS WITH SOLUTION