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Question - JKL Company started a promotional program in 2018 where an eco-friendly bag shall be given to customers upon presenting 100 product labels plus P10 cash. On January 1, 2019, premiums liability has a balance of P200,000. 80% of the premiums is estimated to be redeemed. The following information is deemed relevant in relation to the program:
2018
2019
Sales
P52,500,000
P46,875,000
Total cost of bags purchased
220,000
1,000,000
Bags actually distributed
8,000
40,000
Estimated bags to be distributed the following year
20,000
5,000
Required -
1) How much is the premiums expense for the year 2019?
2) How much is the premiums expense for the year 2018?
3) How much is the premiums liability for the year 2019?
4) How much is the premiums inventory at the end of 2018?
5) How much is the premiums inventory at the end of 2019?
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