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How much is the transaction price allocated to car wax

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Question - During the year 2019, Titanic Company started a promotional campaign for the sale of its car wax product. A coupon is attached for each unit of car wax sold. For every five coupons plus P50, a customer can avail of a bottle of tire black which sells for 150. Each tire black costs the company P100. The following information relates to the sale of car wax and coupons redeemed and expected to be redeemed in the future.

 

2019

2020

Sale of car wax

140,000 units

200,000 units

Coupons redeemed

40,000

90,000

Coupons expected to be redeemed in the future (year-end estimates)

30,000

80,000

Required -

-How much is the transaction price allocated to Car Wax in 2019?

-How much is the transaction price allocated to Coupons in 2020?

-How much is the total revenue recognized in 2020?

-How much is the balance of the provision for unredeemed coupons at December 31, 2019?

-How much is the balance of the provision for unredeemed coupons at December 31, 2020?

Reference no: EM133047735

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