Use the following information for questions 15 and 16 Gomez, Inc began work in 2012 on contract #3814, which provided for a contract price of $9, 600,000 Other details follow: Assume that Gomez uses the percentage-of-completion method of accounting The portion of the total gross profit to be recognized as income in 2012 is $600,000 $800,000 $2, 400,000 $3, 200,000 Assume that Gomez uses the completed-contract method of accounting. The portion of the total gross profit to be recognized as income in 2013 is $1, 200,000. $1, 800,000. $3, 100,000. $9, 600,000 Hayes Construction Corporation contracted to construct a building for $3,000,000. Construction began in 2012 and was completed in 2013 Data relating to the contract are summarized below: Hayes uses the percentage-of-completion method as the basis for income recognition For the years ended December 31, 2012, and 2013, respectively. Hayes should report gross profit of a $540,000 and $360,000. b $1, 800,000 and $1, 200.000. $600,000 and $300,000 $0 and $900,000