7. Aria Perfume, Incorporated, sold 2,550 boxes of white musk soap during January of 2024...
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7. Aria Perfume, Incorporated, sold 2,550 boxes of white musk soap during January of 2024 at the price of $60 per box. The company offers a full refund to unsatisfied customers for any product returned within 30 days from the date of purchase. Based on historical experience, Aria expects that 4% of sales will be returned.
How many performance obligations are there in each sale of a box of soap? How much revenue, sales returns, and net revenue should Aria recognize in January?
Number of performance obligations is the contract? _____
January revenue? ____
January sales revenue? _____
January net revenue? ____
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