Required information 2 of 5 [The following information applies to the questions displayed below.) Book rences...

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Required information 2 of 5 [The following information applies to the questions displayed below.) Book rences 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 $80. The company expects warranty costs to equal 6% of dollar sales. The following transactions occurred. November 11 Sold 50 razors for $4,000 cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 10 razors that were returned under the warranty. December 16 Sold 150 razors for $12,000 cash. December 29 December 31 January 5 January 17 January 31 Replaced 20 razors that were returned under the warranty. Recognized warranty expense related to December sales with an adjusting entry. Sold 100 razors for $8,000 cash. Replaced 25 razors that were returned under the warranty. Recognized warranty expense related to January sales with an adjusting entry. 2. How much warranty expense is reported for November and for December? Warranty expense for November Warranty expense for December Required information 2 of 5 [The following information applies to the questions displayed below.) Book rences 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 $80. The company expects warranty costs to equal 6% of dollar sales. The following transactions occurred. November 11 Sold 50 razors for $4,000 cash. November 30 Recognized warranty expense related to November sales with an adjusting entry. December 9 Replaced 10 razors that were returned under the warranty. December 16 Sold 150 razors for $12,000 cash. December 29 December 31 January 5 January 17 January 31 Replaced 20 razors that were returned under the warranty. Recognized warranty expense related to December sales with an adjusting entry. Sold 100 razors for $8,000 cash. Replaced 25 razors that were returned under the warranty. Recognized warranty expense related to January sales with an adjusting entry. 2. How much warranty expense is reported for November and for December? Warranty expense for November Warranty expense for December