HI], Inc. uses the cost recovery method to recognize revenue. It sells $100,000 of goods in 20X1, agreeing that the client can pay in installments of $70,000 in 20X1 and $30,000 in 20X2. The goods cost $60,000 for HI] to manufacture. What revenue and gross profit should HI] report in 20X2? Revenue Gross profit A. $70,000 $12,000 B. $30,000 $12,000 C. $30,000 $30,000