Under the completed-contract method:

Select one:

a. Revenue, cost, and gross profit are recognized during the production cycle.

b. Costs are recognized during the production cycle, but gross profit recognition is deferred until the contract is completed.

c. Revenue, cost, and gross profit are not recognized until the contract is completed.

d. Gross Profit is recognized during the production cycle, but net losses are delayed until the contract is completed.

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