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Under the cost-recovery method a) revenue, cost, and gross profit are recognized during the production cycle. b) revenue and cost are recognized during the production

Under the cost-recovery method

a) revenue, cost, and gross profit are recognized during the production cycle.

b) revenue and cost are recognized during the production cycle, but gross profit recognition is deferred until all costs are incurred.

c) revenue, cost, and gross profit are recognized at the time the contract is completed.

d) none of these answers are correct

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