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9 On November 10, 2020, Singh Electronics began to buy and resel scarvers for $63 each Singh uses the perpetual system to account for inventories.
9 On November 10, 2020, Singh Electronics began to buy and resel scarvers for $63 each Singh uses the perpetual system to account for inventories. The scanners are covered under a warranty that requires the company to replace any non-working scanner within 90 days. When a scanner is returned, the company simply throws it away and mails a new one from inventory to the customer The company's cost for a new scanner is only $43. Singh estimates warranty costs based on 15% of the number of units sold. The following transactions occurred in 2020 and 2021 (gnore GST and PST): 2020 Moy 15 Hold 3.000 manners for $189.00 h. 30 Mecogniwed Warranty pene for November with an adjusting entry. Dee. Replaced 230 scanner that were returned under the warranty. 15 Bold 6.200 manners. 29 Replaced 56 scanner that were returned under the warranty. 31 Recognised warranty expense for December with an adjusting entry. 2021 Jan. 14 sold 300 scannere. 20 Replaced 78 scanner that were returned under the warranty. 31 Recognised warranty expense fer January with an adjusting entry. Required: 1. How much warranty expense should be reported for November and December 2020? November December Total Warranty Expense $ 28,350 58.500 $ 86,940 2. How much warranty expense should be reported for January 20217 (Round your intermediate calculations and final answer to the nearest whole number 1 2. How much warranty expense should be reported for January 2017 (ound your intermediate calculations and for the nearest whole number 3. What is the balance of the estimated warranty liability as of December 31, 2020 Waranty expense for evenber Warranty expense for December Cost of placing terms in December Liability balance
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