For a construction firm using the completed-contract method, if costs exceed billings on some contracts by $1,000,000 and billings exceed costs by $800,000 on others, the contracts should ordinarily be reported as a current asset of S200,000. b. current liability of $200,000. current asset of S1,000,000 less a contra-current asset of $800,000. d. current asset of S1,000,000 and a current liability of $800,000. a. .