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Problem 3: JUNGKOOK Company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, Jungkook recognizes the unearned revenue as realized. Information for the

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Problem 3: JUNGKOOK Company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, Jungkook recognizes the unearned revenue as realized. Information for the current year: Unearned gift certificates revenue, January 1 Gift certificates sold Gift certificates redeemed Gift certificates which expired Gross profit rate based on cost 250,000 1,745,000 1,483,250 80,000 25% Requirements: 8. What amount should be reported for the year ended December 31 as: A. Sales B. Cost of Sales c. Gross profit D. Unearned gift certificates revenue

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