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What amount of sales revenue should be recognized

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Question 1: On October 1, 2020, an entity sold 100,000 gallons of heating oil at P50 per gallon. Fifty thousand gallons were delivered on December 15, 2020 and the remaining 50,000 gallons were delivered on January 15, 2021. Payment terms were 50% due on October 1, 2020, 25% on the first delivery and the remaining 25% due on the second delivery. What amount of sales revenue should be recognized in 2020?

a. 5,000,000

b. 2,500,000

c. 3,750,000

d. 1,250,000

Reference no: EM132601712

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