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 $14 and its retail selling price is $60. The company expects warranty costs to equal 5% of dollar sales. The following transactions occurred.November 11Sold 80 razors for $4,800 cash.November 30Recognized warranty expense related to November sales with an adjusting entry.December 9Replaced 16 razors that were returned under the warranty.December 16Sold 240 razors for $14,400 cash.December 29Replaced 32 razors that were returned under the warranty.December 31 Recognize warranty expense related to December sales with an adjusting entry.January 5Sold 160 razors for $9,600 cash.January 17Replaced 37 razors that were returned under the warranty.January 31 Recognized warranty expense related to January sales with an adjusting entry.2. How much warranty expense is reported for November and for December