55:42 Jade Company sells a product that includes a one-year warranty on parts and labor. During the year, 10,000 units are sold. Jade expects that 3% of the units will be defective and that the average warranty cost will be $50 per unit. Actual warranty costs incurred during the year were $14,000. REQUIRED: Prepare the journal entries to record related warranty costs and any accrual for the year. (2 Marks) 1 i B I F1 T E E