Wynn Company offers a set of building blocks to customers who send in 3 UPC codes from
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Wynn Company offers a set of building blocks to customers who send in 3 UPC codes from Wynn cereal, along with 50¢. The blocks sets cost Wynn $1.10 each to purchase and 60¢ each to mail to customers.
During 2015, Wynn sold 1,200,000 boxes of cereal at $3 per box. The company expects 30% of the UPC codes to be sent in. During 2015, 120,000 UPC codes were redeemed. Prepare the journal entries that Wynn should make to record the sale of the cereal in 2015 and the related cost of the premiums associated with the sale.
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Related Book For
Intermediate Accounting IFRS Edition
ISBN: 9781118443965
2nd Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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