Homework Answers
If the revenue is recognized as per cash basis then profits are:
Sales = 475 caravans * $ 20,000(sale price per unit)
=$9,500,000
Cost of Goods sold = 475 caravans * $15,000 (cost of each unit)
=$7,125,000
Difference between sales and cost = $9,500,000 - $7,125,000 = $2,375,000
That is profit to be recognized = $2,375,000
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