1 answer

Required information The following information applies to the questions displayed below) On October 29, Lobo Co....

Question:

Required information The following information applies to the questions displayed below) On October 29, Lobo Co. began operat
Required information The following information applies to the questions displayed below) On October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is returned, the company discards it and mails a new one from Merchandise Inventory to the customer. The company's cost per new razor is $20 and its retail selling price is $75. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred. Nov. 11 Sold 105 razors for $7,875 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. Dec. 9 Replaced 15 razors that were returned under the warranty. 16 Sold 220 razors for $16,500 cash. 29 Replaced 30 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. Jan. 5 Sold 150 razors for $11,250 cash. 17 Replaced 50 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. 2. How much warranty expense is reported for November and odcember? Warranty expense for November Prey 8 9 10 11 of 11 H Next >

Answers

Hi

Pls see below:

As per the Screenshot you shared, I could see that your requirement is to know the answer for Warranty expenses that need to be recored for November and December. If you have any further queries apart from this, pls raise it through comment section.

Here you go with the answer:

Warranty expense reported in the November : Warranty expense = sales x 8% = 7875 x 8% = 630

Warranty expense reported in the December : Warranty expense = sales x 8% = 16500 x 8% = 1320

.

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