General Product Inc. distributed 110 million coupons in 2021. The coupons are redeemable for 35 cents...
General Product Inc. distributed 110 million coupons in 2021.
The coupons are redeemable for 35 cents each. General anticipates
that 80% of the coupons will be redeemed. The coupons expire on
December 31, 2022. There were 53 million coupons redeemed in 2021
and 43 million redeemed in 2022. General recognizes coupon expense
in the period coupons are issued.
What was General's coupon promotional expense in 2022?
Multiple Choice
-
Zero, since the entire coupon expense was recognized in 2021.
-
$15.1 million.
-
$12.3 million.
-
$2.8 million.
Homework Answers
$2.8 million.
Working
General's coupon promotion expense in 2022
Sales in 2021:
110 million × $.35 × 80% = $30.80 million
Redemptions in 2021
53 million x $0.35 = $18.55 million
Redemptions in 2022
43 million x $0.35 = $15.05 million
General's coupon promotion expense = $15.05 million - ($30.80 million - $18.55 million) = $2.8 million
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General Product Inc. distributed 110 million coupons in 2021.
The coupons are redeemable for 35 cents...
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