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BBQ Gаlоre, Inc. (BBQ) sells оutdоor grilling products, providing gаs аnd charcoal grills, accessories, and installation services for custom patio grilling stations.Instructions: Respond to the requirements related to the following independent revenue arrangements for BBQ products and services. You may use the following Excel spreadsheet to develop your answers. Some information/formatting has been provided in the Excel spreadsheet. Developed answers should be copied and pasted into this Essay Question in the text box provided. You will upload your Excel spreadsheet in the 3rd question of this exam. Exam 1 Essay Questions Summer 2024 Student Version.xlsx (a) BBQ offers contract BBQ200 which is comprised of a free-standing gas grill for small patio use plus a grill cover and installation to a customer's gas line for a total (contract) price of $950. On a standalone basis, the grill sells for $800 (cost $470), the cover sells for $50 (cost $30) and BBQ estimates that the fair value of the installation service (based on cost-plus estimation) is $200. BBQ sells grills, covers and provides installation services as separate products/services. BBQ signed 10 BBQ200 contracts on May 30, 2021, and customers paid the contract price in cash on the same date. The grills and covers were delivered on June 30, 2021. Installation was completed on July 15, 2021. Prepare a schedule calculating the amount of revenue that should be allocated to each performance obligation in the above sales transaction. ALSO, prepare journal entries for BBQ’s BBQ200 contracts for the months of May, June and July 2021.