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Required infom'lation {The folio wing fofonnation applies to the questions displayed below} On October 29. Lobo Co. 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 newI one from Merchandise Inventory to the customer The company's cost per new razor is $16 and its retail selling price is $80. The company expects warranty costs to equal 6% of dollar sales. The following transactions occurred. Nov. 11 Sold To razors for $5.6a cash. 38 Recognized warranty expense related to November sales with an adjusting entry. Dec. 9 Replaced 14 razors that were returned under the warranty. 16 Sold 213 razors for $16,858 cash. 29 Replaced 28 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. Jan. 5 Sold 149 razors for $11,288 cash. 1? Replaced 33 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. 4. What is the balance of the Estimated Warranty Liability account as of December 31? Required information {The folio wing information appiies to the questions dismayed beiow} On October 29. Lobo Co. 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 $16 and its retail selling price is $80. The company expects warranty costs to equal 6% of dollar sales. The following transactions occurred. NOV. 11 35 Dec. 9 16 29 31 Jan. 5 1? 31 Sold "i5 razors for $5.655 cash. Recognized warranty expense related to November sales with an adjusting entry. Replaced 14 razors that were returned under the warranty. Sold 215 razors for $16,555 cash. Replaced 28 razors that were returned under the warranty. Recognized warranty expense related to December sales with an adjusting entry. Sold 145 razors for $11,255 cash. Replaced 33 razors that were returned under the warranty. Recognized warranty expense related to January sales with an adjusting entry. 5. What is the balance of the Estimated Warranty Liability account as of January 31