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What is Happy premium expense

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Reference no: EM133081262

Question - The Happy Cereal Company includes a premium in each box of its cereal. For four premiums plus $2.00, customers are entitled to a plastic wiggle worm that costs Happy $4.50 each. Happy expects 60% of the premiums to be redeemed. In 2016, Happy sold 500,000 boxes of cereal and distributed 25,000 wiggle worms. What is Happy's premium expense for 2016?

Reference no: EM133081262

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