Allocating a transaction price to multiple performance obligations includes which of the following steps: Consolidate the components of the contract to two performance obligations because a contract should not have more than two performance obligations. Allocate the transaction price based on relative fair values. The best measure of fair value is what the good or service could be sold for on a standalone basis (standalone selling price). All of these choices are correct. Complete each performance obligation before recognizing any revenue from the contract.

The best measure of fair value is what the good or service could be sold for on a standalone basis (standalone selling price).

Explanation:

A performance obligation can be defined as a promise made in a contractual agreement by a seller or service provider to provide goods and services to a customer. This obligation exists only if a customer can benefit from the goods or services provided.

Allocating a transaction price to multiple performance obligations includes;

The best measure of fair value is what the good or service could be sold for on a standalone basis (standalone selling price).

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