On 1 September 20X1, Tissange sells 200 units duvets for cash at a unit price of 150, with a 30-day right of return. The unit cost of the duvets in inventory is 100. Tissange expects 10 units duvets to be returned, an estimate which, according to the case data, meets the constraint on variable consideration. The asset for the right to recover the products is measured, according to the case data, at 1,000. Record the entries for the sale.
- Number of duvets sold
- 200
- Unit selling price
- 150
- Unit cost in inventory
- 100
- Number of duvets expected to be returned
- 10
- Asset for the right to recover the products (case data)
- 1,000