Use the following information to answer questions 1 through 4. Best life include

Use the following information to answer questions 1 through 4. Best life includes one coupon in each box of its whole grain cereal that the company sells for $6.25 a box. In return for 5 coupons, the company gives away one jump rope, costing $1.10 each. From its own experience, the company estimates that 80 percent of the coupons will be redeemed. Data for 2007, 2008, and 2009 are as follows: 2007 2008 2009 Cereal boxes sold 3,400,000 3,200,000 3,350,000 Jump ropes purchased 400,000 424,000 425,000 Coupons redeemed 934,000 945,000 989,000 What was the total coupon premium expense for 2007? $598,400. $392,920. $542,300. $434,016. What was the estimated coupon premium liability at December 31, 2008? $572,220. $665,500. $748,220. $1,038,620. What was the total estimated coupon premium liability at December 31, 2009? $372,020 $870,540. $1,558,040. $1,120,240. What was the total cost of jump ropes inventory at December 31, 2009? $675,400. $742,900. $1,249,000. $573,600.