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 block sets cost Wynn $1.10 each to purchase and 60¢ each to mail to customers. During 2012, Wynn sold 1,200,000 boxes of cereal. The company expects 30% of the UPC codes to be sent in. During 2012, 120,000 UPC codes were redeemed. Prepare Wynn’s December 31, 2012, adjusting entry.
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Total Premium expense can be calculated as Boxes sold 1200000 X total estimated redemption 30 Total ...View the full answer
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