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What revenue is recognized in january

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Question - Stardust Furniture Store sells "low end" furniture and uses the installment method for revenue recognition. Its year-end is December 31. It shows the following data for January: Sales of $8,910 with a 50% markup.

Sales terms: No down payment in January, no interest and 6 easy monthly payments starting in February.

Required 1: Assuming no other transaction happened, what revenue is recognized in January?

Required 2: Assuming no other transaction happened, what revenue is recognized in February?

Required 3: Assuming no other transaction happened, what cost of goods sold is recognized in March?

Required 4: Assuming no other transaction happened, what is the Gross Margin of April?

Reference no: EM133175534

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