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i have the answers i just need an explanation and calculations! Use this...

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Accounting

i have the answers i just need an explanation and calculations!

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Use this ipformation for the next two questions. Mohce. Inc. allows customers of its "bumer phones" to retum a maprinam of 10% of the delivered units within 31 days of delivery. Based on past erperiepce. Mobsce expects 6% of the phones to be retumed. On 12/16/2020, one of its cuatomers accepted shipment of 1,000 phones at a total contract price of $50,000 (cost $35,000 ). The customer remitted cash of $50,000 on delivery. On 1/15/2021 (the last day of the retum period), the cuatomer retumed 4% of the phones in their original packaging. 22. For this contract. bow much would Mobser report as Sales Revenue in 2020 and 2021 ? 23. Upon recording CGS on 12/16/2020, Mobbge would properly recognize a Contract Asset ('Retumable Inventory') equal to a. 700 b. 2,800 c. 1,400 d. 3,000 e. 2,100

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