Splish Inc. has a customer loyalty program that rewards a customer with 1 customer loyalty point for every $10 of purchases. Each point is redeemable for a $3 discount on any future purchases. On July 2, 2017, customers purchase products for $270,000 (with a cost of $164, 700) and earn 27,000 points redeemable for future purchases. Splish expects 21, 700 points to be redeemed. Splish estimates a standalone selling price of $2.50 per point (or $67, 500 total) on the basis of the likelihood of redemption. The points provide a material right to customers that they would not receive without entering into a contract. As a result, Splish concludes that the points are a separate performance obligation. Determine the transaction price for the product and the customer loyalty points. Product Purchases $ Loyalty Points $ Total Transaction Price $