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 $15 and its retail selling price is $70. The company expects warranty costs to equal 9% of dollar sales. The following transactions occurred. Nov. 11 Sold 80 razors for $5,600 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. Dec. 9 Replaced 16 razors that were returned under the warranty. 16 Sold 240 razors for $16,800 cash. 29 Replaced 32 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry.. Jan. 5 Sold 160 razors for $11,200 cash. 17 Replaced 37 razors that were returned under the warranty. 31 Recognized warranty expense.related to January sales with an adjusting entry. Problem 9-4A Part 2 2. How much warranty expense is reported for November and December? Warranty expense for November Warranty expense for December