For each of the separate revenue contract scenarios $1$ through $5,($a$)$ measure the transaction price and $($b$)$ determine whether the transaction price is fixed, variable, or some combination of both.

$1.$ Loyola Inc. sells $$50,000$ of inventory during the year to customers for $$100,000.$ Loyola Inc. accepts returns up to $3$ months after the date of purchase. Loyola estimates returns to be $6\%$ of sales.

a$.$ Transaction price Answer $1$

$94,000$

b$.$ Variable consideration Answer $2$

$94,000$

Fixed consideration Answer $3$

$0$