Allen Co$.$ wrote a contract that involves two separate performance obligations. Allen cannot estimate the stand$-$alone selling price of product A$.$ Product B has a stand$-$alone selling price of $$200.$ The price for the combined product is $$240.$ How much of the transaction price would be allocated to the performance obligation for delivering product A if the residual approach is used?

b$.$

neither revenues nor costs or gross profit

c$.$

only costs, but not revenues or gross profits

d$.$

revenues, costs and gross profits

Question $5$Select one:

a$.$

Revenue is recognized when goods are manufactured

b$.$

Revenue is recognized when the arrangement is made

c$.$

Revenue is recognized when the delivery of goods is made

d$.$

Revenue is recognized at the point in time at which payment from the customer is received