On November 10, 2011, Muen Products began to buy and resell high-powered flashlights for $80 each. Muen uses perpetual system to account for inventories. The flashlights are covered under a warranty that requires the company to replace any non-working flashlight within 90 days. When a flashlight is returned the company simply throws it away and mails a new one from inventory to the customer. The company's cost for the new flashlight is $14. Muen estimates warranty cost based on 18% of the number of units sold. The following transactions occurred in 2011 and 2012 (ignore GST & PST): Nov. Dec 2011 15 Sold 200 flashlights for $16,000 cash. Recognized warranty expense for November with and adjusting 30 entry 8 Replaced 15 flashlights that were returned under the warranty. 15 Sold 550 flashlights 29 Replaced 40 flashlights that were returned under the warranty Recognized warranty expense for December with and adjusting 31 entry 2012 14 Sold 200 flashlights 20 Replaced 63 flashlights that were returned under the warranty. 31 Recognized warranty expense for January with and adjusting entry. Jan re to search D o . a @ Choose... How much warranty expense should be reported for January 2012? What is the balance of the estimated warranty liability as of January 31, 2012? Choose... What is the balance of the estimated warranty liability as of November 30, 2011 Choose... How much warranty expense should be reported for November 2011? Choose... How much warranty expense should be reported for December 2011? Choose.. What is the balance of the estimated warranty liability as of December 31, 2011? Choose