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Sales Agreement with Ferrous Question
Base on the information provide for Ferrous, this Sale Agreement is a bill and hold transaction because Ferrous is requesting a large purchase for PC touch screen monitors (QuartZ) from RI to be delivered on August 31,2017, and for RI to ship the goods at a later date(during September and October 2017). In this case RI has the right to records the related revenue on August 31, 2017 if the delivery is ready on this day. Revenue can only be recognized under this arrangement when a number of strict conditions (text book) have been met and Ferrous has accepted the billing. Other criteria which included in the agreement are the reason to hold the goods; the product must be ready to ship. So since all of the criteria were met, revenue recognition should be permitted at the time the contract is signed. All of the control was transferred to Ferrous which includes the right to pay and legal title. In the Year ended August 31, 2017, RI should recognized $2.5M revenue pertaining to the cost of goods and 1.5M of fair value on their statement
Identification and Analysis of Issues
b. Issue #2: Sales Agreement with Ferrous
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