In 2020, FJ Inc. sold 120 units of FJ Cruisers for P1.3 million each. The selling price included one- year warranty on parts. It is expected that 5% of the units would be defective and that repair costs would average P155,000 per unit. During 2020, the warranty contracts were honoured on 3 units for a total cost of P375,000. What amount should FJ Inc. accrue on December 31, 2020 for estimated warranty costs? P555,000 P930,000 o P775,000 O P375,000 Question 33 2 pts Using the same information in Question No. 32, assume that the Provision for Warranty account had a balance of P160,000 at January 1, 2020. How much is FJ's warranty liability as of December 31, 2020? P715,000 P1,090,000 P935,000 O P535,000