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How much revenue will be recognized on the contract

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Question - In August 2021, Commonlo Corp. commits to selling 100 of its merchandise to MCH Co, for P30,000 (P300 per product), The merchandise is to be delivered to MEH over the next 6 months, After 60 merchandises were delivered, the contract is modified and Commonlo promises to deliver 80 more products for an additional P21,600 (P270 per station). At year-end, Commonlo delivered an additional 90 products. All sales are cash on delivery. Listed below are the questions/requirements for this data set. Fill up your answers in the next two questions. How much revenue will be recognized on the contract for the year 2021? Assume that the additional term is a prospective modification to the original contract. How much revenue will be recognized on the contract for the year 2021?

Reference no: EM133058419

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