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For 2019 A company sells its product subject to a warranty that covers the cost of parts for repairs during the six months after the
For 2019 A company sells its product subject to a warranty that covers the cost of parts for repairs during the six months after the date of sale. Warranty costs are estimated to be 5% of sales. During the month of April, the company performed warranty work that used $20,200 worth of parts and $18,250 of technician labor for the warranty repairs The total sales for April were equal to $455,000 The Estimated warranty liability account had a credit balance of $3,400 on March 31. Record the warranty expense for the month of April: April 30, 2019 Warranty Expense Estimated Warranty Liabililty Record the costs of the warranty work completed in April April 30 2019 Estimated Warranty Liabililty Parts Inventory What is the Estimated warranty account balance at April 30? During the month of May, the company performed warranty work that used $26,600 worth of parts and $24,500 of technician labor for the warranty repairs. The total sales for April were equal to $485,000. Record the warranty expense for the month of May: May 30, 2019 Warranty Expense Estimated Warranty Liabililty Record the costs of the warranty work completed in May May 30.2019 Estimated Warranty Liabililty Parts Inventory What is the Estimated warranty account balance at May 31
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