Pool Contractors (PC) entered into a contract to build a solar heated swimming complex for $1,800,000. Construction commenced on July 1, 2020, with a planned completion date of December 31, 2022. A summary of the related accounting information is provided below: 2020 Costs incurred during the year Estimated costs to complete at year-end Billings during the year Cash collections during the year $400,000 2021 2022 $500,000 $650,000 1,200,000 600,000 560,000 500,000 640,000 310,000 0 600,000 990,000 How much gross profit would be recognized in fiscal 2021 if PC uses the percentage of completion method? OA. $100,000 OB. $130,000 OC. $50,000 OD. $180,000