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Palmer

Palmer Frosted Flakes Company offers its

customers a pottery cereal bowl if they send in 3 boxtops from Palmer Frosted Flakes boxes and $1. The company estimates that 60% of the boxtops will be redeemed. In 2014, the company sold 675,000 boxes of Frosted Flakes and customers redeemed 330,000 boxtops receiving 110,000 bowls. If the bowls cost Palmer Company $3 each, how much liability for outstanding premiums should be recorded at the end of 2014?

a.????$270,000

b.????$50,000

c.????$75,000

d.????$138,000

 

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Apr 19, 2020

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