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Question - On July 10, Boogie Footware agrees to a contract to sell 800 pair of flapper shoes for $16,000 ($20.00 each).
On September 1, after 500 pair of have been delivered, Boogie modifies the agreement to reduce the price of the remaining 300 pair of flapper shoes to $10 a pair.
During September, Boogie delivers 200 pairs of shoes.
Required -
a. How much revenue should Boogie recognize for the 500 pair that were delivered prior to September 1?
b. On September 1, when the contract is modified, prepare the necessary adjusting entry:
Debit
Credit
c. How much revenue will Boogie recognize for the 200 pair delivered in the month of September?
The standard costs and actual costs for direct labor for the manufacture of 2,500 actual units of product are as follows:
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