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Exercise 13-12

Culver Company includes 1 coupon in each box of soap powder that it packs, and 10 coupons are redeemable for a premium (a kitchen utensil). In 2017, Culver Company purchased9,500premiums at80cents each and sold121,000boxes of soap powder at $3.20per box;42,100coupons were presented for redemption in 2017. It is estimated that 60% of the coupons will eventually be presented for redemption.

all the entries that would be made relative to sales of soap powder and to the premium plan in 2017.