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What are the journal entry to record the sale and cost

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Reference no: EM132781990

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Q1. Swimming Pool Company sells prefabricated pools that cost P120,000 to customers for P216,000. The sales price includes an installation fee, which is valued at P30,000. The fair value of the pool is P192,000. The installation is considered a separate performance obligation and is expected to take 3 months to complete. What is the transaction price allocated to the pool and the installation?

Q2. Taster's choice sell natural supplements to customers with an unconditional right of return if they are not satisfied. The right of returns extends 60 days. On February 10, 2014, a customer purchases P3,600 of products (cost P1,800). Assuming that based on prior experience, estimated returns are 20%. What are the journal entry to record the sale and cost of goods sold includes?

Reference no: EM132781990

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