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correct and how to solve Manama Construction Company had a contract...

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Accounting

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Manama Construction Company had a contract starting April 2021, to construct a 24,000,000 building that is expected to be completed in September 2023. At the end of 2021, the costs to date were 10,120,000 and the estimated total costs to complete 11,880,000. The progress billings during 2021 were 4,800,000 and the cash collected during 2021 was 3,200,000. Manama uses the percentage-of-completion method. At December 31, 2021 Manama would report Balance of Billings and Construction in Process (inventory) of: A. 6,240,000 B. 10,120,000 C. 11,040,000 D. 4,800,000

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