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How much liability for outstanding premiums should recorded

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Reference no: EM132251864

Question - Bonita Frosted Flakes Company offers its customers a pottery cereal bowl if they send in 3 boxtops from Bonita Frosted Flakes boxes and $1. The company estimates that 60% of the boxtops will be redeemed. In 2018, the company sold 1359000 boxes of Frosted Flakes and customers redeemed 660000 boxtops receiving 220000 bowls. If the bowls cost Bonita Company $3 each, how much liability for outstanding premiums should be recorded at the end of 2018?

$155400

$543600

$103600

$279600

Reference no: EM132251864

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