Crane Industries manufactures sump-pumps. Its most popular product is called the Super Soaker, which has a retail price of $1.250 and costs $540 to manufacture. It sells the Super Soaker on a standalone basis directly to businesses. Crane also provides installation services for these commercial customers, who want an emergency pumping capability (with regular and back-up generator power) at their businesses. Crane also distributes the Super Soaker through a consignment agreement with Menards. Income data for the first quarter of 2020 from operations other than the Super Soaker are as follows. Revenues Expenses $9,354,000 7,768,000 Crane has the following information related to two Super Soaker revenue arrangements during the first quarter of 2020. 1. 2. Crane sells 30 Super Soakers to businesses in flood-prone areas for a total contract price of $54,600. In addition to the pumps, Crane also provides installation (at a cost of $140 per pump). On a standalone basis, the fair value of this service is $180 per unit installed. The contract payment also includes a $11 per month service plan for the pumps for 3 years after installation (Crane's cost to provide this service is $6 per month). The Super Soakers are delivered and installed on March 1. 2020, and full payment is made to Crane. Any discount is applied to the pump/installation bundle. Crane ships 300 Super Soakers to Menards on consignment. By March 31, 2020, Menards has sold two-thirds of the consigned merchandise at the listed price of $1,250 per unit. Menards notifies Crane of the sales, retains a 5% commission, and remits the cash due Crane..