Next, please identify the performance obligations set forth in the contract. For each one, explain why it qualifies as a performance obligation

Finally, identify the transaction price and explain how Friendly would allocate the transaction price to the performance obligations you identified in

- Friendly Farms will (1) deliver a defined amount of meat and vegetables, (2) provide a menu-planning consulting -service for 1 year, and finally, (3) 'give -Rebecca access to a 24/7 call-support center for 1 year (to assist the kitchen chefs in making " farm to table". dishes). When Friendly Farms sells these separately to customers, Friendly charges $50,000 for the meat and vegetables, $35,000 for the consulting service, and $15,000 for the call center access. The food, consulting 'service and call center access functionindependently of the others and can be sold separately. - Friendly Farms is offering Rebecca all aforementioned items together for a contract . price of $80,000. Payment terms are 50 percent consideration due at contract signing; with the remaining 50 percent due over the contract year T -If Rebecca's Restaurant calls and utilizes Friendly's 24/7-support center more than 100 times during the year, there is an additional one-time bonus of $10,000 payable to Friendly Farms. Rebecca has a verbal agreement with Friendly that is based on Friendly's unsigned quote to Rebecca on-November 30,2022 , for the meat and vegetables, the consulting service, and the call center access for total consideration of $80,000 and payment terms noted above. The agreement creates enforceable rights and obligations pursuant to - Friendly's customary business practices. None of these items can be redirected by Friendly to another customer. Friendly performed a credit check on Rebecca and has determined that Rebecca has the intention and ability to pay Rebecca for fulfilling its portion of the contract. Rebecca is required to pay Friendly for performance completed to date if Rebecca cancels the contract with Friendly for reasons other than 'Friendly's failure to perform under the contract as promised. Rebecca makes a payment on November 30,2022, in the amount of $40,000(50% of total-consideration of $80K) pursuant tothe agreement. Upholding the contract, Friendly -Farms delivers the agreed-upon amount of meats and vegetables to Rebecca-on the date of the quote and starts to provide access to themenu-planning consulting 'service and call center. Friendly Farms thinks that Rebecca's Restaurant will most likely not utilize the 24/7 call -support center more than 100 times during the year based on past experience with restaurants with similar, highly trained chefs. T