Please answer the following questions based on your readings, lecture materials, and research of the FASB Accounting Standards Codification. Responses should be in your own words. You are allowed to quote language from other sources, but please do not plagiarize. Any information used from other sources must be cited. There is no requirement to utilize any specific citation format, so long as the author is given credit.

6) Locate the FASB Codification Standard that addresses revenue recognition when a right of return exists and answer the following questions (use paragraph citations). 20 pts

a) What is the code section number that addresses revenue recognition when a right of return exists?

b) What step(s) in the revenue recognition model does the right of return impact?

c) Does the FASB literature provide an example of the accounting for a right of return? If so, summarize the example.

d) What are the general guidelines for constraining estimates of the transaction price (variable consideration)