Quest on 29 Not yet answered Marked out of 1.00 P Flag question Johnson Inc, enters into a $300,000 contract for the purchase of customized equipment with Builder Inc. The construction of the equipment is expected to take two years. Johnson Inc, owns the work in process during the two-year period but will not take possession of the equipment until completed. The contractor will bill Johnson monthly for performance completed to date. After year-one, Builder Inc, incurred costs of $120,000 and expects remaining costs to be $108,000, Builder Inc, has billed Johnson $150,000 in total for the year. Johnson has paid $135,000 to Builder Inc. Determine the amount of revenue and expenses that Builder Inc. should recognize in the first year of the contract. Select one: Revenue Expenses $150,000 $120,000 b Revenue Expenses S78,947 $120,000 Revenue Expenses $0 $0 Revenue Expenses $150,000 $114,000 Revenue Expenses unor non Manufacturer Inc. provided 80 items of product to Retailer Inc, for sale to its customers. Manufacturer Inc. retains title to the products until they are scanned at the register of Retailer Inc. upon sale to its customer. At that time, Retailer Inc, is obligated to pay Manufacturer Inc. for the cost of the product (55 per unit). Any unsold products may be returned to Manufacturer Inc. In addition, Manufacturer Inc. may call back or transfer unsold products to another retailer. Assume that 80 units of product were transferred on March 1 to Retailer Inc., 10 units of product were sold for $9 each to Retailer Inc.'s customers on March 3; and 8 units of product were sold to Retailer Inc.'s customers for $9 each on March 4. On March 5, Retailer Inc. electronically transferred payment to Manufacturer Inc. for sales to date. What dollar amount of revenue would Manufacturer Inc. and Retailer Inc. recognize on the following dates? Select one: a. Manufacturer inc Retailer Inc March 1 March 3 March 4 March 5 $0 $0 $0 $90 $0 $90 $72 $0 b. Manufacturer Inc. Retailer inc March 1 March 3 March 4 March 5 $0 $0 $0 $90 $0 $90 $72 $72 Manufacturer Inc Retailer inc March 1 March 3 March 4 March 5 $400 $0 $0 $0 $0 $90 $ $72 $0 d. Manufacturer Inc Retailer Inc March 1 March 3 March 4 March 5 $0 $50 $40 $0 $0 $90 $72 $0 Quest on 29 Not yet answered Marked out of 1.00 P Flag question Johnson Inc, enters into a $300,000 contract for the purchase of customized equipment with Builder Inc. The construction of the equipment is expected to take two years. Johnson Inc, owns the work in process during the two-year period but will not take possession of the equipment until completed. The contractor will bill Johnson monthly for performance completed to date. After year-one, Builder Inc, incurred costs of $120,000 and expects remaining costs to be $108,000, Builder Inc, has billed Johnson $150,000 in total for the year. Johnson has paid $135,000 to Builder Inc. Determine the amount of revenue and expenses that Builder Inc. should recognize in the first year of the contract. Select one: Revenue Expenses $150,000 $120,000 b Revenue Expenses S78,947 $120,000 Revenue Expenses $0 $0 Revenue Expenses $150,000 $114,000 Revenue Expenses unor non Manufacturer Inc. provided 80 items of product to Retailer Inc, for sale to its customers. Manufacturer Inc. retains title to the products until they are scanned at the register of Retailer Inc. upon sale to its customer. At that time, Retailer Inc, is obligated to pay Manufacturer Inc. for the cost of the product (55 per unit). Any unsold products may be returned to Manufacturer Inc. In addition, Manufacturer Inc. may call back or transfer unsold products to another retailer. Assume that 80 units of product were transferred on March 1 to Retailer Inc., 10 units of product were sold for $9 each to Retailer Inc.'s customers on March 3; and 8 units of product were sold to Retailer Inc.'s customers for $9 each on March 4. On March 5, Retailer Inc. electronically transferred payment to Manufacturer Inc. for sales to date. What dollar amount of revenue would Manufacturer Inc. and Retailer Inc. recognize on the following dates? Select one: a. Manufacturer inc Retailer Inc March 1 March 3 March 4 March 5 $0 $0 $0 $90 $0 $90 $72 $0 b. Manufacturer Inc. Retailer inc March 1 March 3 March 4 March 5 $0 $0 $0 $90 $0 $90 $72 $72 Manufacturer Inc Retailer inc March 1 March 3 March 4 March 5 $400 $0 $0 $0 $0 $90 $ $72 $0 d. Manufacturer Inc Retailer Inc March 1 March 3 March 4 March 5 $0 $50 $40 $0 $0 $90 $72 $0