QUESTION 5 Not complete Points out of 6.00 Flag question Warranty Costs Milford Company sells a motor that carries a three-month unconditional warranty against product failure. Based on a reliable statistical analysis, Milford knows that between the sale and the end of the product warranty period, two percent of the units sold will require repair at an average cost of $50 per unit. The following data reflect Milford's recent xperience: October November December Dec. 31 Total Units sold 24,000 26,000 26,000 76,000 Known product failures from sales in: 130 190 170 130 December 210 210 Calculate, and prepare a journal entry to record, the estimated liability for product warranties at December 31. Assume that warranty costs of known failures have already been reflected in the records. Descriptiorn Debit Credit Dec.31 To provide for