Function: SUM; Formula: Multiply, Divide, Subtract; Cell Referencing Using Excel to Determine Revenue Using the Expected Value Method ContractBased Approach PROBLEM TriCo enters into a contract to sell merchandise, $\backslash (\backslash$mathrm$\{$n$\}/30\backslash ).$ TriCo's management uses the expected value method to estimate returns and has the following information for this contract: The company also provided the following return estimates from similar contracts: The performance obligation was completed on September $20.$ Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem or work area as indicated. a$.$ Calculate the transaction price for this sale assuming the company follows IFRS and uses the expected value method to estimate returns. a$.$ b$.$ Prepare the journal entry to record the sale, ignoring any entries required for estimated inventory returns, cost of goods sold, and merchandise inventory. $($Due to minimal Excel rounding, the amounts may differ from the text solution.$)$ b$.$ Sales $7,898$ Refund Liability $1,103$