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1. During June 2019 Needs Business Company (NBC) runs a special offer whereby every customer...

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1. During June 2019 Needs Business Company (NBC) runs a special offer whereby every customer who purchases a 4th of July picnic set receives a coupon for 2 dozen free gourmet hot dogs during the first week of July (presumably for use at a 4th of July picnic!). Two dozen gourmet hot dogs normally sell for $20. In a similar promotion run in October 2018 (2 free pumpkin pies during the week of Thanksgiving when a customer purchased inflatable turkey yard art in October) 65% of customers returned to the store during the week of Thanksgiving to pick up their free pies. In June 2019, NBC sold 300 4th of July picnic sets for $150 each. a. How many performance obligations are involved in the picnic set sales in June? Justify your response. b. What is the transaction price? C. Determine the transaction price allocated to each performance obligation. d. If NBC prepares financial statements monthly, what would be the timing of the recognition of revenue related to these transactions

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