Temes revenue and gross profits only when contract is completed. D recognizes revenue and gross profit each period based upon progress QUESTION 3 Under the percentage of completion method, how should the balances of Billings on Construction in Process and Construction in Process be reported prior to the completion of a long term contract? et sa current asset it a debit balance, and as a current ability if a credit balance lings on Construction in Process as a deferred revenue and Construction in Process as a deferred experie. on Construction in Process as revenue and Construction in Process as inventory Demings on Construction in Process as revenue and Construction in Process as inventory QUESTION 4