Problem 1 On January 1, 2022, All Too Weld Constructions entered into a long-term construction contract to build a road upstate to prevent travelers from getting lost. The P13 million project, which spans 22 kilometers, was completed in three years and all relevant information about the projects is as follows: For the year Cost incurred 2022 P3,000,000 2023 15.000.000 2024 P3,000,000 Estimated cost to P7,000,000 P6,000,000 PO complete at year-end Labor hours 28,000 hours 20,000 hours 32,000 hours consumed Value of work done Kilometers 85,200,000 P3,900,000 P3,900,000 Skm 4km 13km completed 1. Using the cost-to-cost method, how much is the construction in progress, gross as of the year ended December 31, 2023? a. 9,100,000 b. 9,000,000 c. 7,428,571 d. 7,000,000 2. Assuming that the company used the zero- profit method, how much is the realized gross profit for the year ending December 31, 2023? a. 0 b. 900,000 c. (1,000,000) d. (1,900,000) 3. Assume a budget of 80,000 hours to complete the project, how much is the realized gross profit for the year ended December 31, 2022 if the input method based on labor hours was used? a. 900,000 b. 1,050,000 c. 1,200,000 d. 2.954,545 4. Assuming the company used the output method based on the value of the work certified by an expert, how much is the realized gross profit for the year ended December 31, 2022? a. 900,000 b. 1,050,000 c. 1,200,000 d. 2.954,545