Under the Percentage-Of-Completion Method of Income Recognition on Long-Term Construction

Under the percentage-of-completion method of income recognition on long-term construction contracts:

A) No income amount is closed each period to income summary.
B) The ending inventory is the same as it would be if accounted for under the completed contract method.
C) Income is accumulated in the "Construction-in-Progress" inventory account.
D) The percentage of completion in any year depends on the proportion of billings collected.

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