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How much would be allocated to the product

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Problem 1: The first step in the revenue recognition process under IFRS is

Option 1: allocate the transaction price to the separate performance obligations.

Option 2: determine the transaction price.

Option 3: identify the separate performance obligations of the contract.

Option 4: identify the contract with customers.

Problem 2: A product and service are bundled together and sold to customers for $450. The fair values of the product and service are $350 and $150 respectively. Under the relative fair value method, how much would be allocated to the product?

Option 1: $300.00

Option 2: $350.00

Option 3: $150.00

Option 4: $315.00

Reference no: EM132688974

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