The Leto Construction Company began work on a $12,000 contract on 1/1/20. Planned completion was in 2022. The Percentage-of Completion method is used. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2020 $2,500 7,500 4,000 3,800 Docember 31 2021 $4,200 6,300 5,100 5,000 2022 $11,550 o 12,000 11,900 The 2021 Gross Profit recognized is: a $100 b. $600 c. $340 d. $800 e. $1,500