"the standalone selling price of the insallarion based in an estimated cost of $440 plus a margin 20% on cost"

Ivanhoe Windows manufactures and sells custom storm windows for three-season porches. Ivanhoe also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Ivanhoe enters into the following contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,300 and chooses Ivanhoe to do the installation. Ivanhoe charges the same price for the windows irrespective of whether it does the installation or not. The customer pays Ivanhoe $2,080 (which equals the standalone selling price of the windows, which have a cost of $1,160 ) upon delivery and the remaining balance upon installation of the windows 1 . The Ivanhoe completes installation on October 15,2020 , and the customer pays the balance due. Account Titles and Explanation Debit Credit No Entry No Entry (To record contract entered into) Cash 2080 Accounts Receivable 220 Sales Revenue Unearned Service Revenue (To record sales) Cost of Goods Sold Inventory 1160 1160 (To record cost of goods sold) Cash 220 Unearned Service Revenue Accounts Receivable 220 Service Revenue (To record payment received)