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Business, 05.05.2020 17:37 rajenkins79

During 2000, Cook, Inc. sold $20,000 of services, but the cost of providing this service was unclear at the outset of the contract. During 2000 and 2001, Cook collected $8,000 and $12,000, respectively, of its receivables. The project was completed during 2001, at which time the company had incurred total costs of $10,000. Under the cost recovery method, what are the gross profit to be reported in each of the two years

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