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Did you ever answer kbhp 1988 questions one or two
1. In an effort to increase sales, Rofix Company began a sales promotion campaign on June 30, 2011. Part of this promotion included placing a special coupon in each package of candy bars sold. Customers were able to redeem ten coupons for a Frisbee. Each premium costs Rofix $1.50. Rofix estimated that 60 percent of the coupons issued will be redeemed. For the six months ended December 31, 2011, the following information is available:
Packages of candy bars sold... 3,200,000 Premiums purchased... 172,000 Coupons redeemed... 1,425,000 What is the estimated liability for premium claims outstanding at December 31, 2011? |
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