Oriole Centre is an experienced home appliance dealer. Oriole Centre also offers a number of services together with the home appliances that it sells. Assume that Oriole Centre sells ovens on a stand-alone basis. Oriole Centre also sells installation services and maintenance services for ovens. However, Oriole Centre does not offer installation or maintenance services to customers who buy ovens from other vendors. Pricing for ovens is as follows. Oven only Oven with installation service Oven with maintenance services Oven with installation and maintenance services (b) Oven In each instance in which maintenance services are provided, service is separately priced within the arrangement at $161. Additionally, the incremental amount charged by Oriole Centre for installation approximates the amount charged by independent third parties. Installation Maintenance Assume that a customer purchases an oven with both installation and maintenance services for $1,100. Allocate the transaction price of $1,100 among the performance obligations of the contract. Assume IFRS is followed. (Round percentage allocations to 2 decimal places, e.g. 12.25% and final answers to O decimal places, e.g. 5,275.) $ $920 $ 989 $ 1,081 1,100

Oriole Centre is an experienced home appliance dealer. Oriole Centre also offers a number of services together with the home appliances that it sells. Assume that Oriole Centre sells ovens on a stand-alone basis. Oriole Centre also sells installation services and maintenance services for ovens. However, Oriole Centre does not offer installation or maintenance services to customers who buy ovens from other vendors. Pricing for ovens is as follows. Oven only Oven with installation service Oven with maintenance services Oven with installation and maintenance services (b) Oven In each instance in which maintenance services are provided, service is separately priced within the arrangement at $161. Additionally, the incremental amount charged by Oriole Centre for installation approximates the amount charged by independent third parties. Installation Maintenance Assume that a customer purchases an oven with both installation and maintenance services for $1,100. Allocate the transaction price of $1,100 among the performance obligations of the contract. Assume IFRS is followed. (Round percentage allocations to 2 decimal places, e.g. 12.25% and final answers to O decimal places, e.g. 5,275.) $ $920 $ 989 $ 1,081 1,100

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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