During April, Koduck Cameras sold 250 instant cameras for $200 each. Each camera had cost Koduck $100 to manufacture and carry a one-year warranty. If 8% typically need to be replaced over the warranty period, and twelve are actually replaced during April, for what amount in April should Koduck debit Product Warranty Expense? a. $2,400 b. $1,200 c. $4,800 d. $1,500
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- Excom sells radios and each unit carries a two-year replacement warranty. The cost of repair defects under the warranty is estimated at 5% of the sales price. During September, Excom sells 110 radios for $40 each. One radio is actually replaced during September. For what amount in September would Excom debit Product Warranty Expense? Оа. S40 Оb. $21 Oc. $220 Od. $2,310 PreviousBack in Time Inc. warrants its products for one year. The estimated product warranty is 6.5% of sales. Assume that sales were $810,500 for March. In April, a customer received warranty repairs requiring $44,780 of parts. a. Determine the warranty liability at March 31, the end of the first month of the current fiscal year. Round your answer to the nearest dollar.Excom sells radios and each unit carries a two-year replacement warranty. The cost of repair defects under the warranty is estimated at 5% of the sales price. During September, Excom sells 155 radios for $50 each. One radio is actually replaced during September. For what amount in September would Excom debit Product Warranty Expense? a.$22 b.$388 c.$3,410 d.$50
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- Fantastic Co. sold $150,000 of kitchen appliances during August under a six month warranty. The cost to repair defects under the warranty is estimated at 5% of the sales price. On September 12, a customer required a $2000 part replacement plus $90 of labor under the warranty. Journal entry to record estimated warranty expenses will be: Select one: a. Provision for product warranty Dr 9,000 Warranty Expenses Cr 9,000 b. Provision for product warranty Dr 2090 Warranty Expenses Cr 2090 c. Right option is not listed d. Warranty Expenses Dr 7,500 Provision for product warranty Cr 7,500Modem Appliances, Inc. sells food processors for $150 with a 120-day warranty against defects. Past experience indicates that 5% of the processors will have some defect during the warranty period and that the necessary repairs and adjustments will cost $25 per defective unit. Sales for August are $225,000. What is the estimated liability for product warranties for units sold in August? Select one: a. $3,000 b. $1,800 C. $11,250 d. $1,875 e. None of the abovePink Pty Ltd. sold $110,000 of cosmetic products during July under a three-month warranty. The cost to repair defects under the warranty is estimated at 2.5% of the sales price. On August 10, a customer required a $100 part replacement plus $40 of labour under the warranty. Journal entry to record estimated warranty expenses will be: Select one: a. Provision for product warranty Dr 2,750 Warranty Expenses Cr 2,750 b. Warranty Expenses Dr 140 Provision for product warranty Cr 140 c. Warranty Expenses Dr 2,750 Provision for product warranty Cr 2,750 d. Provision for product warranty Dr 140 Warranty Expenses Cr 140
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