(Solution) - Goodman Company sold merchandise during its 2004 fiscal year Th -(2025 Original AI-Free Solution)

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Goodman Company sold merchandise during its 2004 fiscal year. The total sales price of the merchandise was $30 million. Because of quantity sales discounts, the company billed its customers 29.1 million for the merchandise. Goodman sells goods to retailers who have a right to return the merchandise within 90 days if it does not sell. Goodman expects a return rate of 6% of the amount sold. How much revenue should Goodman recognize for 2004? Justify your answer.