Hopner Products Enters into a Contract with Tulles to Sell

question 118

Multiple Choice

Hopner Products enters into a contract with Tulles to sell three different products. Each of the products is a separate performance obligation. Based on the information presented in the table, what is the standalone price of product Z using the residual approach? Transaction Price $415,000
$$\begin{array} { c c } \underline{\text { Price }} & \underline{\text { Standalone Price }} \\X & \$ 150,000 \\Y & \$ 125,000 \\Z & \text { Not Available }\end{array}$$

• A) $290,000
• B) $115,000
• C) $140,000
• D) $255,000

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Definitions:

Interrogatory

A written question that one party in a lawsuit sends to another party as part of the discovery process, which must be answered in writing and under oath.

Directed Verdict

A verdict issued by a judge who has, in effect, taken the case away from the jury by directing a verdict for one party. Usually, the motion for a directed verdict is made at trial by one party after the other party has finished presenting his evidence.

Depositions

Formal, recorded testimonies of witnesses taken under oath outside of court, used in the discovery process before a trial.

Documentary Evidence

Materials like documents, records, or written correspondence used in legal proceedings to support facts or assertions.