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 $120,000 of inventory during the year to customers for $240,000. Loyola Inc. accepts returns up to 3 months after the date of purchase. Loyola estimates returns to be 6% of sales. a. Transaction price \begin{tabular}{l} \hline b. Variable consideration $ \\ \hline Fixed consideration s \end{tabular} 480 units in the first quarter. a. Transaction price b. Variable consideration $ Fixed consideration associated with any distinct goods or services. a. Transaction price b. Variable consideration \& Fixed consideration Lakeside's history of completing past contracts, Lakeside estimates that the most likely amount of the bonus is $24,000. a. Transaction price b. Variable consideration - Fixed consideration a. Transaction price b. Variable consideration Fixed consideration