7. During the Christmas season, Holiday offers a special to its retail customers. Customers can send in 4 UPC codes from boxes of Christmas lights along with $3.25 and receive one box of Christmas lights at no additional cost. During 2021, Holiday sold 1,890,000 boxes of lights for $14.75 per box; the lights cost Holiday $5.30 per box (the actual sales of the boxes of bulbs are already included in sales revenue, cash, inventory and COGS on the trial balance). Holiday estimates that 15% of the box UPC codes will be redeemed. As of December 31, 2021, 102,500 box tops had been redeemed.

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