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2020 2021 JIN Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial
2020 2021 JIN Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of P25. Distribution cost is Pio per towel. The entity estimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: Facial soap sales, P50 per unit 2,500,000 2,875,000 Towel purchases, P90 per unit 337,500 360,000 Number of box tops returned 22,500 38,550 Requirements: 4. Compute for the premiums (as an asset) amount for the year ended: A. December 31, 2020 B. December 31, 2021
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