Question 31 Not yet answered Points out of 300 Under the percentage-of-completion method: Select one: O a. Revenue, cost, and gross profit are recognized during the production cycle. Tag question O b. Revenue and cost are recognized during the production cycle, but gross profit recognition is deferred until the contract is completed. Oc Revenue, cost, and gross profit are recognized at the time the contract is completed. Od. Gross Profit is recognized during the production cycle, but net losses are delayed until the contract is completed.