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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 $13 and its retail selling price is $80. The company expects warranty costs to equal 9% of dollar sales. The following transactions occurred. November11November30December9December16December29December31January5January17January31Sold80razorsfor$6,400cash.RecognizedwarrantyexpenserelatedtoNovembersaleswithanadjustingentry.Replaced16razorsthatwerereturnedunderthewarranty.Sold240razorsfor$19,200cash.Replaced32razorsthatwerereturnedunderthewarranty.RecognizedwarrantyexpenserelatedtoDecembersaleswithanadjustingentry.Sold160razorsfor$12,800cash.Replaced37razorsthatwerereturnedunderthewarranty.RecognizedwarrantyexpenserelatedtoJanuarysaleswithanadjustingentry. 2. How much warranty expense is reported for November and for December? 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 $13 and its retail selling price is $80. The company expects warranty costs to equal 9% of dollar sales. The following transactions occurred. November11November30December9December16December29December31January5January17January31Sold80razorsfor$6,400cash.RecognizedwarrantyexpenserelatedtoNovembersaleswithanadjustingentry.Replaced16razorsthatwerereturnedunderthewarranty.Sold240razorsfor$19,200cash.Replaced32razorsthatwerereturnedunderthewarranty.RecognizedwarrantyexpenserelatedtoDecembersaleswithanadjustingentry.Sold160razorsfor$12,800cash.Replaced37razorsthatwerereturnedunderthewarranty.RecognizedwarrantyexpenserelatedtoJanuarysaleswithanadjustingentry. 3. How much warranty expense is reported for January? 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 $13 and its retail selling price is $80. The company expects warranty costs to equal 9% of dollar sales. The following transactions occurred. November11November30December9December16Sold240razorsfor$19,200cash.December29December31January5January17January31Sold80razorsfor$6,400cash.RecognizedwarrantyexpenserelatedtoNovembersaleswithanadjustingentry.Replaced16razorsthatwerereturnedunderthewarranty.Replaced32razorsthatwerereturnedunderthewarranty.RecognizedwarrantyexpenserelatedtoDecembersaleswithanadjustingentry.Sold160razorsfor$12,800cash.Replaced37razorsthatwerereturnedunderthewarranty.RecognizedwarrantyexpenserelatedtoJanuarysaleswithanadjustingentry. 4. What is the balance of the Estimated Warranty Liability account as of December 31 ? 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 $13 and its retail selling price is $80. The company expects warranty costs to equal 9% of dollar sales. The following transactions occurred. November11November30December9December16December29December31January5January17January31Sold80razorsfor$6,400cash.RecognizedwarrantyexpenserelatedtoNovembersaleswithanadjustingentry.Replaced16razorsthatwerereturnedunderthewarranty.Sold240razorsfor$19,200cash.Replaced32razorsthatwerereturnedunderthewarranty.RecognizedwarrantyexpenserelatedtoDecembersaleswithanadjustingentry.Sold160razorsfor$12,800cash.Replaced37razorsthatwerereturnedunderthewarranty.RecognizedwarrantyexpenserelatedtoJanuarysaleswithanadjustingentry. 5. What is the balance of the Estimated Warranty Liability account as of January 31