3. Estimation of Standalone Prices - For the following separate contracts, estimate the missing standalone price using the adjusted market, expected cost plus margin and residual approach: Standalone Prices for Individual Performance Premium/ Discount Cost of Providing Desired Obligations Competitor Relative to Good or Profit # Price PO 1 PO 2 PO 3 Price Competitor Service Margin 1 1,600 1,250 ? NA 300 240 30% 2 2,400 2,250 ? 120 10% 95 25% 3 3,200 2,100 860 ? 190 -5% 140 20% # Adj. Market Cost Plus Margin Residual 1 2 3 4. Identifying Performance Obligations - For the following separate scenarios, determine how many performance obligations are present in the contract. For each performance obligation identified, determine when revenue should be recognized: " Scenario #1 Windsor Windows manufactures and sells custom storm windows for enclosed porches. In addition, Windsor provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be provided by other vendors. Windsor enters into the following contract on June 1, 2024, with a local homeowner. The customer purchases windows for a price of $4,700 and chooses Windsor to do the installation. Windsor charges the same price for the windows irrespective of whether it does the installation or not. The price of the installation service is estimated to have a standalone value of $1,200. The customer pays Windsor $4,000 (which equals the standalone value of the windows) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on August 1, 2024, Windsor completes installation on September 15, 2024, and the customer pays the balance due.