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What is the cost of estimated claims outstanding

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Reference no: EM132859022

Problem - Summer Company offers a set of building blocks to customers who send in three (3) UPC codes from Summer cereal, along with P50.00. The blocks sets cost Summer P110 each to purchase and P60 each to mail to customers. During 20x1, Summer sold 1,000,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 20x1, 120,000 UPC codes are redeemed.

Required -

1. What is the cost of estimated claims outstanding?

2. Prepare Summer's December 31, 20x1 adjusting entry.

Reference no: EM132859022

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