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What amount should crazy puffs report as a liability

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Reference no: EM132479040

Question - Crazy Puffs Cereal Company sold 1,000,000 boxes of cereal under a new sales promotional program. Each box contains one UPC code. Four UPC codes, submitted with $5.00, entitles the customer to a magic trick kit. Crazy Puffs pays $8.00 per magic trick kit and $0.50 for handling and shipping. Crazy Puffs estimates that 70% of all UPC codes will be redeemed, even though only 300,000 UPC codes had been redeemed during 2017.

Required - What amount should Crazy Puffs report as a liability for unredeemed UPC codes at December 31, 2017?

 

 

Reference no: EM132479040

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