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How much revenue should tickets now recognize

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Question - Tickets Now contracts with the producer of Riverdance to sell tickets online. Tickets Now charges each customer a fee of $2 per ticket and receives $5 per ticket from the producer. Tickets Now does not take control of the ticket inventory. Average ticket prices for the event is $75. How much revenue should tickets Now recognize for each Riverdance ticket sold?

a. $2 because the $5 from the producer is similar to a negative cost of goods sold.

b. $7 because both the fee from the customer and the producer are earned

c. $75 because the $70 is cost of goods sold paid to the Riverdance producer

d. $77 because the $70 is cost of goods sold paid to the Riverdance producer

e. None of the above

Reference no: EM131922674

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