entity provides a two-year warranty on its products. Based on past history, they estimate that warranty costs will be equal to 1.9% of the product cost in the first year and 2.9% of the product cost in the second year of the warranty. The opening balance in the warranty liability account was $154538. Total sales for the current year amounted to $13095895. Jamieson’s gross margin is 40%. Total costs incurred to service warranties for the current year amounted to $116811. What is the balance in the warranty liability account at the end of the year. Select one: a. $116811 b. $260351 c. $414889 d. $377162