Remington Construction Company uses the percentage-of-completion method. During 2020, the company entered into a fixed-price contract to construct a building for Sherman Company for P30,000,000. The...

What was the amount of construction costs incurred during 2021?

Extracted text: Remington Construction Company uses the percentage-of-completion method. During 2020, the company entered into a fixed-price contract to construct a building for Sherman Company for P30,000,000. The following details pertain to the contract: At December 31, 2020 At December 31, 2021 Percentage of completion 25% 60% Estimated total cost of contract P22,500,000 P25,000,000 Gross profit recognized to date 1,875,000 3,000,000 The amount of construction costs incurred during 2021 was