Cullumber Publishers sells textbooks to universities across Canada. On July 10, 2021, Cullumber entered into a contract with Hinton University to supply 990 accounting textbooks at a price of $110 per book to be paid on September 25, 2021. The books cost Cullumber $77 each. Cullumber's return policy states that any unsold books can be returned within 90 days of delivery. The books were delivered on August 25, 2021. Cullumber estimates returns at 10% of sales. Hinton returns 33 books on September 15, 2021, and 66 books on September 30, 2021.
Cullumber Publishers sells textbooks to universities across Canada. On July 10, 2021, Cullumber entered into a contract with Hinton University to supply 990 accounting textbooks at a price of $110 per book to be paid on September 25, 2021. The books cost Cullumber $77 each. Cullumber's return policy states that any unsold books can be returned within 90 days of delivery. The books were delivered on August 25, 2021. Cullumber estimates returns at 10% of sales. Hinton returns 33 books on September 15, 2021, and 66 books on September 30, 2021.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Cullumber Publishers sells textbooks to universities across Canada. On July 10, 2021, Cullumber
entered into a contract with Hinton University to supply 990 accounting textbooks at a price of
$110 per book to be paid on September 25, 2021. The books cost Cullumber $77 each. Cullumber's
return policy states that any unsold books can be returned within 90 days of delivery. The books
were delivered on August 25, 2021. Cullumber estimates returns at 10% of sales. Hinton returns 33
books on September 15, 2021, and 66 books on September 30, 2021.
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Determine the transaction price.
Transaction price
$
108,900
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