Wolf Computer Company began operations in 2013. The company allows customers to pay in installments for many of its products. Installment sales for 2013 were $1,000,000. If revenue is recognized at the point of delivery, $600,000 in gross profit would be recognized in 2013. If the company instead uses the cost recovery method, $100,000 in gross profit would be recognized in 2013 Required: 1. What was the amount of cash collected on installment sales in 2013? Cash collected $500,000 2. What amount of gross profit would be recognized if the company uses the installment sales method? Gross profit 300,000