66 nts eBook applies to the questions displayed below) On October 29, Lobo Company 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 $14 and its retail selling price is $80. The company expects warranty costs to equal 5% of dollar sales. The following transactions occurred. November 11 November 30 December 9 December 16 December 29 December 31 January 5 erences January 17 Sold 50 razors for $4,000 cash. Recognized warranty expense related to November sales with an adjusting entry. Replaced 18 razors that were returned under the warranty. Sold 150 razors for $12,000 cash. Replaced 20 razors that were returned under the warranty. Recognized warranty expense related to December sales with an adjusting entry. Sold 100 razors for $8,000 cash. Replaced 25 razors that were returned under the warranty. January 31 Recognized warranty expense related to January sales with an adjusting entry. 2. How much warranty expense is reported for November and for December? Warranty expense for November Warranty expense for December Part 3 of 5 16.66 points eBook References Required information (The following information applies to the questions displayed below] On October 29, Lobo Company 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 $14 and its retail selling price is $80. The company expects warranty costs to equal 5% of dollar sales. The following transactions occurred. November 11 Sold 50 razors for $4,000 cash. November 30 December 9 December 16 December 29 December 31 January 5 January 17 January 31 Recognized warranty expense related to November sales with an adjusting entry. Replaced 10 razors that were returned under the warranty. Sold 158 razors for $12,000 cash, Replaced 28 razors that were returned under the warranty. Recognized warranty expense related to December sales with an adjusting entry. Sold 100 razors for $8,000 cash. Replaced 25 razors that were returned under the warranty. Recognized warranty expense related to January sales with an adjusting entry. 3. How much warranty expense is reported for January? Warranty expense 5 Part 4 of 5 1 16.66 points eBook References Required information [The following information applies to the questions displayed below] On October 29, Lobo Company 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 $14 and its retail selling price is $80. The company expects warranty costs to equal 5% of dollar sales. The following transactions occurred. November 11 November 30 December 9 December 16 December 29 December 31 January 5 January 17 January 31 Sold Se razors for $4,000 cash. Recognized warranty expense related to November sales with an adjusting entry. Replaced 10 razors that were returned under the warranty. Sold 150 razors for $12,000 cash. Replaced 28 razors that were returned under the warranty. Recognized warranty expense related to December sales with an adjusting entry. Sold 100 razors for $8,000 cash, Replaced 25 razors that were returned under the warranty. Recognized warranty expense related to January sales with an adjusting entry. 4. What is the balance of the Estimated Warranty Liability account as of December 31? Estimated warranty liability balance Check my work 6 Required information Part 5 of 5 [The following information applies to the questions displayed below] Help Save & Ext Check my ww 16.7 points eBook References On October 29, Lobo Company 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 $14 and its retail selling price is $80. The company expects warranty costs to equal 5% of dollar sales. The following transactions occurred. November 11 Sold 50 razors for $4,000 cash. November 30 December 9 December 16 December 29 December 31 January 5 January 17 January 31 Recognized warranty expense related to November sales with an adjusting entry. Replaced 10 razors that were returned under the warranty. Sold 150 razors for $12,000 cash. Replaced 20 razors that were returned under the warranty. Recognized warranty expense related to December sales with an adjusting entry. Sold 100 razors for $8,000 cash. Replaced 25 razors that were returned under the warranty. Recognized warranty expense related to January sales with an adjusting entry. 5. What is the balance of the Estimated Warranty Liability account as of January 31? Estimated warranty liability balance