Business, 18.12.2019 05:31 jetblackcap

Lemay frosted flakes company offers its customers a pottery cereal bowl if they send in 4 boxtops from lemay frosted flakes boxes and $1.
the company estimates that 60% of the boxtops will be redeemed. in 2012, the company sold 500,000 boxes of frosted flakes and customers redeemed 220,000 boxtops receiving 55,000 bowls.

if the bowls cost lemay company $3 each, how much liability for outstanding premiums should be recorded at the end of 2012?
a. $150,000
b. $40,000
c. $60,000
d. $84,000

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