Problem 1: Allocation of Transaction Price Requirements: Assume the following information for each independent scenario below Pinocchio Woodworks signs a contract to provide three different products to a customer for a total transaction price of S325,000. Each product represents a separate performance obligation. Pinocchio only sells two of the three products on an individual basis. However, the company has information orn the similar products offered by competitors as well as its own cost. The information about these three products is provided in the following table. Standalone Selling Price $87,500 150,000 Not Available Market Competitor's PriceForecasted Cost Product Carved Ship Carved Whale Custom stand Total $66,500 156,000 100,000 $322,500 $60,000 125,000 65,000 $250,000 A. Allocate the transaction price using the adjusted market assessment approach B. Allocate the transaction price using expected-cost-plus-a-margin approach C. Allocate the transaction price using the residual approach