Cullumber Inc. has a customer loyalty program that rewards a customer with 1 customer loyalty point for every $10 of purchases. Each point is redeemable for a $3 discount on any future purchases. On July 2, 2025, customers purchase products for $310,000 (with a cost of $186,000) and earn 31,000 points redeemable for future purchases. Cullumber expects 26,500 points to be redeemed. Cullumber estimates a standalone selling price of $2.50 per point (or $77,500 total) on the basis of the likelihood of redemption. The points provide a material right to customers that they would not receive without entering into a contract. As a result, Cullumber concludes that the points are a separate performance obligation. (a) Determine the transaction price for the product and the customer loyalty points. Product purchases $ Loyalty points $ Total transaction price $