Stardust Furniture Store sells low end furniture and uses the installment method for revenue recognition. Its year-end is December 31. It shows the following data for January:

Sales of $4,860 with a 50% markup.

Sales terms: No down payment in January, no interest and 6 easy monthly payments starting in February.

Required 1: Assuming no other transaction happened, what revenue is recognized in January? $

Required 2: Assuming no other transaction happened, what revenue is recognized in February? $

Required 3: Assuming no other transaction happened, what cost of goods sold is recognized in March? $

Required 4: Assuming no other transaction happened, what is the Gross Margin of April? $