Multiple Choice Question 107 Sandhill Construction Company uses the percentage-of-completion method of accounting. In 2018, Sandhill began work on a contract it had received which provided for a contract price of $45500000. Other details follow: 2018 $21200000 15200000 20500000 10300000 Costs incurred during the year Estimated costs to complete as of December 31 Billings during the year Collections during the year What should be the gross profit recognized in 2018? $9100000 $3100000 $24300000 $5300000