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An entity has a customer loyalty program that rewards a customer with one customer loyalty point for every P10 of purchases. Each point is redeemable for a P1 discount on any future purchases of the entity's products. During a reporting period, customers purchase products for P100,000 and earn 10,000 points that are redeemable for future purchases. The consideration is fixed and the stand-alone selling price of the purchased products is P100,000. The entity expects 9,500 points to be redeemed. The entity estimates a stand-alone selling price of P0.95 per point on the basis of the likelihood of redemption in accordance with paragraph B42 of PFRS 15.

The points provide a material right to customers that they would not receive without entering into a contract. Consequently, the entity concludes that the promise to provide points to the customer is a performance obligation.

At the end of the first reporting period, 4,500 points have been redeemed and the entity continues to expect 9,500 points to be redeemed in total.

At the end of the second reporting period, 8,500 points have been redeemed cumulatively. The entity updates its estimate of the points that will be redeemed and now expects that 9,700 points will be redeemed.

Note: Round off amounts to the nearest peso.

Based on the above information, answer the following:

• How much is allocated to the revenue from products?
• How much is the revenue recognized for loyalty points for the first reporting period?
• How much is the contract liability for unredeemed points at the end of the first reporting period?
• How much is the revenue recognized for loyalty points for the second reporting period?