Current Attempt in Progress Pharoah Construction Co. has consistently used the percentage-of-completion method of recognizing revenue. During 2021, Pharoah entered into a fixed-price contract to construct an office building for $20000000. Information relating to the contract is as follows: At December 31 2021 2022 Percentage of completion 15% 45% Estimated total cost at completion $13000000 $14400000 Gross profit recognized (cumulative) 1240000 2960000 Contract costs incurred during 2022 were O $6480000. O $3520000. O $4950000 O $4530000