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Please help me correct these questions On November 10, 2023, Singh Electronics began to buy and resell scanners for $62 each. Singh uses the perpetual
Please help me correct these questions
On November 10, 2023, Singh Electronics began to buy and resell scanners for $62 each. Singh uses the perpetual system to account for inventories. The scanners are covered under a warranty that requires the company to replace any non-working scanner within 90 days. When a scanner is returned, the company simply throws it away and mails a new one from inventory to the customer. The company's cost for a new scanner is only $42. Singh estimates warranty costs based on 12% of the number of units sold. The following transactions occurred in 2023 and 2024 (ignore GST and PST): Required: 1. How much warranty expense should be reported for November and December 2023 ? - rea text Indicares no response was cxpected in a ces or a rontula-tased calculation is inconcet; no points dnductco. 2. How much warranty expense should be reported for January 2024 ? (Round your intermediate calculations and final answer to the nearest whole number.) 2. How much warranty expense should be reported for January 2024? (Round your intermediate calculations and final answer to the nearest whole number.) 3. What is the balance of the estimated warranty liability as of December 31,2023 ? 4. What is the balance of the estimated warranty liability as of January 31,2024Step by Step Solution
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