8. BonVon Construction, Inc. has the following data for large jobs (000 omitted): Estimated Total Percent Project No. Actual Cost Cost Contract Price Complete 101 P8,756 P172,800 P192,000 5 102 11,457 14,875 17,500 75 103 53.865 61,250 87,500 80 104 22,800 39,760 49,700 55 105 44.500 122,310 151,000 35 P141,378 P410,995 P497,700 The company accounts for its large jobs by the percentage-of-completion method (output measured). Billings are done as follows: (1) 20% down payment upon contract signing, and (2) balance is billed according to percentage of completion, less an application of the down payment which is also according to percentage of completion. How much (1) total billings were made, and (2) total revenue that should be recognized for the year? a. (1) P203,286; (2) P120,060 b. (1 ) 99,540; (2) 172,910 C. (1) 99,540; (2) 120,060 175 010