Question 6 (2 points) Saved 6. Classical Ltd. Began work in 2020 on a contract for $ 1,250,000. Other data are: 2020 2021 Costs incurred to date. $ 540,000 $ 335,000 Estimated costs to complete as of December 31......... 360,000 Billings to date........ 420,000 1,250,000 Collections to date. 300,000 1,000,000 If Classic al uses the completed-contract method, the gross profit to be recognized in 2021 is a) $ 375,000 Ob) $ 400,000 Oc) $ 850,000 d) $ 1,000,000 Page 1 of 3 Previous Page Next Page