12 Homework Unanswered Due Today, 10:00 AM ELO Construction Co. began operations in 2017. Construction activity for 2017 is shown below. ELO uses the completed-contract method. Contract 1: Contract Price $4,650,000 Costs to 12/31/17 $3,700,000 Estimated Costs to Complete 50 Contract 2: Contract Price $3,600,000 Costs to 12/31/17 $870,000 Estimated Costs to Complete 52,030,000 Contract 3: Contract Price $3,100,000 Costs to 12/31/17 $1,680,000 Estimated Costs to Complete $1,120,000 What amount of gross profit should be reported on the income statement for 2017 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer, a $1,340,000 b $950,000 4:00 PM 11/30/2020 1