solution

Consider each of the following scenarios for Bunsen Suppliers Company:

1. The common practice of Bunsen Suppliers is to obtain a written sales agreement. When an Anson Store called on the phone with an urgent need, however, Bunsen orally agreed to deliver goods in exchange for $6,000, then immediately delivered these goods to Anson without a written agreement.
2. Bunsen Suppliers has a written agreement to deliver goods to Comfort Inc. for $110 per unit. The price will drop to $95 per unit for all units if Comfort purchases more than 1,000 units per month. Bunsen sold 1200 units to Comfort Inc. on April 15, 2020.
3. Bunsen Suppliers has a written agreement with Darwin Company to deliver 800 units of product each Saturday afternoon. Darwin can alter the quantity or cancel prior to delivery any time before noon Saturday.

Required:

?Determine 1) if a contract exists (2 points) for each of these scenarios and 2) identify when revenue would be recognized. (1 point).