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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
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 $1,800 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? $1 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? $[ Instructions: Use 2 decimal places and only type the number without signs except for negative numbers that are preceded by a minus sign "-". If the right answer is 1070.39 you type "1070.39", it will not be read as correct if you type "1,070.39", "$1070.39" or any other combination. If the right answer is negative 1070.39 you type "-1070.39
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