When accounting for revenue for a long-term contract using the percentage-of-completion method: cost- to-cost approach (.e., not the completed contract method), the percentage used to recognize revenue in the first year is determined by measuring A.costs incurred in the first year, divided by estimated gross profit B. costs incurred in the first year, divided by estimated total costs for the completed project C. costs incurred in the first year, divided by estimated total costs to be incurred in the remaining years of the project D.costs incurred in the first year, divided by estimated remaining costs to complete the project Reset Selection