need help Question:Outback Camera Co. was organized to sell a single product that carriesa 60-day warranty against defects. Engineering estimates indicatethat 5% of the units sold will prove defective and require an averagerepair cost of $40 per unit. During Outback's first month ofoperations, total sales were 400 units; by the end of the month, 6defective units had been repaired. The liability for product warrantiesat month-end should be $

1. Determine the estimated number of defective units:Total units sold =400Defective rate…

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

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Problem 9MC: Blake Department Store sells television sets with one-year warranties that cover repair and...

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outback Co. was organized to sell a single product that carries a 45 day warranty against defects. Engineering estimates indicates that 12% of the units sold will prove defective and require an average repair cost of $20 per unti. During outbacks first month of operations, total sales were 200 untis; by the end of the month, nine defective units had been repaired. The Liability for product warrantees at month end should be. a.$180 b.$660 c.$300 d.$480
Video-Technical, Inc. was organized to sell a single product for $600 per unit, including a 60-day warranty against defects. Engineering estimates indicate that 5% of the units sold will prove defective and require an average repair cost of $50 per unit. During September, total sales were $198,000; 9 units sold during September were found defective and repaired. The accrued liability for product warranties at month-end should be: Select one: a. $ 850 b. $ 400 c. $ 450 d. $1,150 e. None of the above
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Backpack Co. was organized to sell a single product that carries a 45-day warranty againstdefects. Engineering estimates indicate that 2% of the units sold will prove defective andrequire an average repair cost of $60 per unit. During Backpack’s first month of operations,total sales were 900 units; by the end of the month, five defective units had been repaired.The liability for product warranties at month-end should bea. $1,380.b. $300.c. $1,080.d. $780.
3. Jansen Company sells a product for $400 per unit, which includes a 30-day warranty against product defects. Experience indicates that four percent of the units sold will prove defective, requiring an average repair cost of $50 per unit. During the first month of business, product sales were $320,000, and 20 of the units sold were found to be defective and repaired during the month. What is the accrued liability for product warranties at month-end? a $1,000 b. $600 c. $1,600 d. $2,000
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The goal of Video-Technical, Inc.'s formation was to offer a single product for $600 each with a 60-day warranty against flaws. According to engineering estimations, 5% of the units that are sold will turn out to be faulty and need an average $50 in repairs. $198,000 in sales were made overall in September, although 9 of the devices were later determined to be faulty and had to be fixed. At the conclusion of the month, the accumulated obligation for product guarantees should be: A. $ 850 B. $ 400 C. $ 450 D. $1,150 E. None of the above

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