ABC Ltd is marketing a ‘surfing bundle’ in which, for $3200, it provides customers with a surfboard (which retails separately for $2550), a wetsuit (which retails separately for $750) and five lessons...

ABC Ltd is marketing a ‘surfing bundle’ in which, for $3200, it provides customers with a surfboard (which retails separately for $2550), a wetsuit (which retails separately for $750) and five lessons (which retail separately for $600).

1. Whether separate performance obligations exist, and to explain why you made this judgement.


2. How much of the transaction price to allocate to each performance obligation?