ESTIMATED WARRANTIES Feel Na Feel has a one-year product warranty on some selected items in its product line. The estimated warranty liability on sales made during the 2018-2019 fiscal year and still outstanding as of March 31, 2019 amounted to P180,000. The warranty cost on sales made from April 1 2019, through March 31,2020, are estimated as P520,000. The actual warranty cost incurred during the current 2019-2020 fiscal year are as follows: Warranty claims honored on 2018-2019 sales P 180,000 Warranty claims honored on 2019-2020 sales 178,000 Total warranty claims honored P 358,000 The company's reporting period is starts at April 1 of the current year and ends in March 31 of the following year Required: Balance of estimated warranty payable on march 31,2020
ESTIMATED WARRANTIES
Feel Na Feel has a one-year product warranty on some selected items in its product line. The estimated warranty liability on sales made during the 2018-2019 fiscal year and still outstanding as of March 31, 2019 amounted to P180,000. The warranty cost on sales made from April 1 2019, through March 31,2020, are estimated as P520,000. The actual warranty cost incurred during the current 2019-2020 fiscal year are as follows:
Warranty claims honored on 2018-2019 sales P 180,000
Warranty claims honored on 2019-2020 sales 178,000
Total warranty claims honored P 358,000
The company's reporting period is starts at April 1 of the current year and ends in March 31 of the following year
Required: Balance of estimated warranty payable on march 31,2020
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