During 2021, Deluxe Leather Goods issued 838,000 coupons which entitles the customer to a $4.50 cash refund when the coupon is submitted at the time of any future purchase. Deluxe estimates that 73% of the coupons will be redeemed. 262,000 coupons had been processed during 2021. Deluxe recognizes coupon expense in the period coupons are issued. At December 31, 2021, Deluxe should report a liability for unredeemed coupons of:

a. $1,828,605.
b. $2,575,500.
c. $1,309,476.
d. $607,760.

check the explanation

Explanation:

the step by step calculation to the question above can be seen below:

Estimated coupons to be redeemed  611740  =838000*73%

Less: Coupons redeemed                  262000  

Coupons unredeemed                  349740  

X Cost per Coupon                           4.50  

Liability for unredeemed Coupons  1573830

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