Question
In: Accounting
JCPenny entered into a contract with Emma. The contract begins on May 1 and ends on...
JCPenny entered into a contract with Emma. The contract begins on May 1 and ends on November 31, 2020. JCpenny will exchange 100 of their most popular watches at a discount as well as 100 glasses for brand-specific marketing. The regular wholesale price of the shirts is $65. JcPenny expects the cost to produce each mask will be $6. All goods that they sell have a profit margin of about 54%. Being able to carry these exclusive products is important to Emma so they have agreed to pay $7,000 in marketing over the life of the contract. JcPenny management recognizes $7,000 as revenue when the contract is signed on April 1st. Fifty shirt and mask sets will be delivered on May 1, twenty-five on June 1, and twenty-five on August 1.
1) Transaction price of Contract?
2) Estimate of Wholesale price of glasses and Discount company Emma recieved on Watches
3)Allocation of Transaction price
Solutions
ekkarill92 answered 1 year agoRelated Solutions
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