Allocating a Transaction Price and Recording Revenue and Cost of Revenue

retailer is $$54,$ and its standalone selling price is $$75.$

Required

a$.$ How is the consideration allocated to the performance obligations in the revenue contract?

Note: Enter the allocated transaction prices in dollars and cents, rounded to the nearest penny.

b$.$ Prepare the journal entry for sales and cost of sales for $120$ sales transactions in which $3$ gaming system DVDs were sold as part of each transaction.

Note: Round amounts to the nearest whole dollar.

c$.$ Assume the retailer has no past experience to estimate the amount of redemption.

$(1)$ Show how the consideration is allocated to the performance obligations in the revenue contract.

$$Note: Enter the allocated transaction prices in dollars and cents, rounded to the nearest penny.

$(2)$ Prepare the journal entry for sales and cost of sales for $120$ sales transactions in which $3$ gaming system DVDs were sold as part of each transaction.

$$Note: Round amounts to the nearest whole dollar.