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3 years ago

- A service and physical good are similar in terms of uniformity of inputs. Group of answer choices TRUE FALSE

1 answer:

7 0

The correct answer to the given statement that "A service and physical good are similar in terms of uniformity of inputs" is:

False

This refers to the physical item which has value and can be bought and sold in a market place.

With this in mind, we can note that a service has to do with the non physical value driven thing which is rendered based on demand and this service and physical goods are NOT SIMILAR in terms of uniformity of inputs because the manufactures does not have more control on the amount of variability.

Read more about goods and services here:

brainly.com/question/25262030

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Part a

Allocation based on Stand Alone Selling Prices :

4 - door Sedan and the 3 years maintenance contract = $6,400
Cash incentive = $100

Part b

Journal entry :

Debit : Cash $130,000

Credit : Revenue - 4 - door Sedan $128,000

Credit : Revenue - Cash incentive $2,000

Explanation:

It is important to identify the step in IFRS 15 - Revenue from Contracts with Customers, which is affected by the question.

Here, Step 2 - Identify the performance obligation in the contract, Step 3 - Determine the Transaction Price, Step 4 - Allocate the Transaction Price to the Performance obligation and Step 5 - Recognize the Revenue as or when the Performance Obligation is Satisfied. These are explained and applied as follows :

<u>Step 2 - Identify the performance obligation in the contract.</u>

Here, identify the individual promises (Performance Obligations) that the entity has committed to transfer to the customer.

Also the entity identifies each performance obligation that is distinct, or a series of distinct Goods or Services that are substantially the same and have the same pattern of transfer to the customer.

So, the performance obligations are as follows :

4 - door Sedan and the 3 years maintenance contract(these can not be consumed independently from one another)
Cash incentive (can be consumed independently from the rest of the performance obligations)

<u>Step 3 - Determine the Transaction Price</u>

Transaction price is the consideration the entity expects to be entitled to in exchange of goods or services transferred to the customer.

Transaction Price is $6,500 ($6,000 + $400 + $100)

<u>Step 4 - Allocate the Transaction Price to the Performance obligation</u>

Allocation of Transaction Price is done based on Stand Alone Selling Prices.

Stand alone selling prices have already been identified :

4 - door Sedan and the 3 years maintenance contract = $6,400
Cash incentive = $100

<u>Step 5 - Recognize the Revenue as or when the Performance Obligation is Satisfied</u>

Stand alone for 20 vehicles :

4 - door Sedan and the 3 years maintenance contract = $6,400 x 20 = $128,000
Cash incentive = $100 x 20 = $2,000

Journal entry :

Debit : Cash $130,000

Credit : Revenue - 4 - door Sedan $128,000

Credit : Revenue - Cash incentive $2,000

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