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- SodaPro sells flavored water products to customers. SodaPro offers a promotion whereby current customers can receive $10 off their next purchase of a pallet of water, which retails for $ 3 0 0. This $1 0 promotion can only be redeemed once for each customer order. A convenience store places an order on 1/1/X 1 for two pallets of water and requests that the promotion be applied to its purchase. SodaPro delivers the product on 1/3/X1. Research and document the appropriate accounting by SodaPro for this transaction.Your company, OllieGenius, sells skateboards. On January 1st, you started the company and purchased a batch of skateboards for $100 per skateboard (per unit). On March 1st, your company purchased another batch of skateboards for $120 per skateboard (per unit). On June 1st, your company purchased a third batch of skateboards for $110 per skateboard (per unit). A teenage girl walks in to your store on June 2nd and buys one skateboard for $180. Determine what the gross profit on her one skateboard will be using the FIFO method. $60 $90 $70 O $80Bubble Supermarket wants to provide incentives to customers to buy ham and eggs. Bubble Supermarket offers customers a $3 discount on the purchase of 500g of ham when they buy a box of A-grade eggs at the same time. A box of A-grade eggs normally sells for $15 and the ham is normally selling at $10 per 500g in this supermarket. Mary buys a box of A-grade eggs together with 500g of ham and receives the discount. Bubble Supermarket has early adopted HKFRS 15 Revenue from Contracts with Customers when preparing its financial statements. (a) Comment whether a contract exist between Bubble Supermarket and Mary. Support your argument with the requirements of HKFRS 15 Revenue from Contracts with Customers. (b) A junior accountant suggests that there is one performance obligation in the above sales transaction. Do you agree? Discuss. (c) Determine the transaction price of this contract. (d) Allocate the transaction price to the performance obligation(s) in this contract using…
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