How to apply the revenue principle, Accounting Standards

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How to apply the revenue principle

Response to the following problem:

Intel Corporation produces Pentium© processors that drive many computers. Suppose Intel has completed production of 1,000 processor units that it expects to sell to Gateway. Assume that Intel's cost to manufacture each processor is $140 and that Intel sells each processor for $375.

Apply the revenue principle to determine (1) when Intel should record revenue for this situation and (2) the amount of revenue Intel should record for the sale of 1,000 processors.

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Accounting Standards: How to apply the revenue principle

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Accounting Standards: How to apply the revenue principle

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