Crane Treasures Company sells home furnishings. On February 1, Crane Treasures entered into a contract with Simon Development Ltd. for home furnishings with a selling price of $68,000 and terms of n/30. The goods cost Crane $47,600. Crane Treasures has a stated return policy of 20 days from the date of sale and based on past transactions, management determines that returns are 5% of sales 65% of the time and 10% of sales 35% of the time. The goods were delivered to Simon Development on February 15. Crane Treasures uses the expected value method to estimate returns and the contract-based approach for revenue recognition. (b) Your answer is correct. Calculate the transaction price for this contract. Transaction price $ eTextbook and Media List of Accounts 63410 Attempts: 1 of 15 used