Berry Farm produces organic tomatoes and strawberries. In June 2024, it transported 125 boxes of strawberries with a price of $24 per box to the Bay Farmers’ Market. Berry Farm paid an upfront fee of $200 to present its products at the market for one week, and the market earns a 20% profit margin on each item sold, but Berry Farm is responsible for any items that remain unsold at the end of the week. Required: The market was able to sell 80 boxes of strawberries to customers. How much revenue should Berry Farm recognize with respect to this transaction?
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Berry Farm produces organic tomatoes and strawberries. In June 2024, it transported 125 boxes of strawberries with a price of $24 per box to the Bay Farmers’ Market. Berry Farm paid an upfront fee of $200 to present its products at the market for one week, and the market earns a 20% profit margin on each item sold, but Berry Farm is responsible for any items that remain unsold at the end of the week.
Required:
The market was able to sell 80 boxes of strawberries to customers. How much revenue should Berry Farm recognize with respect to this transaction?
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