Production estimates for august for jay company are as follows: estimated inventory (units), august 1 12,000 desired inventory (units), august 31 9,000 expected sales volume (units), august 75,000 for each unit produced, the direct materials requirements are as follows: material a ($5 per lb.) 3.0 lbs. material b ($18 per lb.) 0.5 lb. the number of pounds of materials a and b required for august production is

Palmer frosted flakes company offers its customers a pottery cereal bowl if they send in 3 boxtops from palmer frosted flakes boxes and $1. the company estimates that 60% of the boxtops will be redeemed. in 2012, the company sold 675,000 boxes of frosted flakes and customers redeemed 330,000 boxtops receiving 110,000 bowls. if the bowls cost palmer company $3 each, how much liability for outstanding premiums should be recorded at the end of 2012?