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Elmo Painting Service signed a contract charging a customer $3,000 to paint the customers house....

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Accounting

Elmo Painting Service signed a contract charging a customer $3,000 to paint the customers house. The contract includes all paint and all painting labor. Elmo would charge $1,200 for the paint if sold separately, and $2,800 for the labor if done using the customers paint. How much of the transaction price would Elmo allocate to its performance obligation to provide paint to the customer?

a. $0

b. $900

c. $1,200

d. $3,000

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