Allocating a transaction price to multiple performance obligations includes which of the following steps:

All of these choices are correct.

Consolidate the components of the contract to two performance obligations because a contract should not have more than two performance obligations.

Allocate the transaction price based on relative fair values.The best measure of fair value is what the good or service could be sold for on a standalone basis (standalone selling price).

Complete each performance obligation before recognizing any revenue from the contract.