Silver Corp. sold 220,000 units of a new product, "Shazam," to Singleton Outlet Inc. for...
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Silver Corp. sold 220,000 units of a new product, "Shazam," to Singleton Outlet Inc. for $8.00 each on account. It cost $2.50 to manufacture each unit of Shazam. Silver sent Singleton Outlet 350,000 point-of-purchase coupons that entitled purchasers of Shazam to a $1.40 discount off Singleton Outlet's retail price. Silver estimated that 30% of the 350,000 coupons, which were valid from August 1-31, would be redeemed. In August, Singleton Outlet redeemed 90,000 coupons. In early September, Singleton Outlet invoiced Silver for reimbursement for the coupons redeemed. Silver employs a perpetual inventory system
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