Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In the month of March, the Inving Corporation recleved orders of 1 5 0 , 0 0 0 units at a price of $ 2

In the month of March, the Inving Corporation recleved orders of 150,000 units at a price of $25.70 for their product Ignite. Inving uses the accrual method of accounting and offers 30-day credit terms. Inving dellvers 100,000 units in March and the balance of 50,000 units in April. Irving recelved payment for 50,000 units in March, 50,000 units in Aprll, and 50,000 in May.
Given this information, how much revenue is recognized on the March Income Statement from this order? How much revenue is recognized in the April Income Statement?
$1,285,176.93 in March and $1,285,176.93 in April
$2,570,353.86 in March and $0.00 in Aprit
$3,855,530.79 in March and $0.00 in April
$0.00 in March and $3,855,530.79 in April
$2,570,353.86 in March and $1,285,176.93 in April
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cost Accounting Fundamentals Essentials Concepts And Examples

Authors: Steven M. Bragg

7th Edition

1642210846, 978-1642210842

More Books

Students also viewed these Accounting questions