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Allocating a Transaction Price and Recording Revenue and Cost of Revenue retailer is $54,...

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Accounting

Allocating a Transaction Price and Recording Revenue and Cost of Revenue
retailer is $54, and its standalone selling price is $75.
Required
a. How is the consideration allocated to the performance obligations in the revenue contract?
Note: Enter the allocated transaction prices in dollars and cents, rounded to the nearest penny.
b. Prepare the journal entry for sales and cost of sales for 120 sales transactions in which 3 gaming system DVDs were sold as part of each transaction.
Note: Round amounts to the nearest whole dollar.
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