Required information Problem 9-4A (Algo) Estimating warranty expense and liability LO P4 [The following information applies to the questions displayed below) 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 $13 and its retail selling price is $90. The company expects warranty costs to equal 8% of doller sales. The following transactions occurred. Mov. 11 Bold 70 rates for 56,300 cash. 30 Recognized warranty expense related to November wies with an adjusting entry. Dec. Replaced 14 ranore that were returned under the warranty. 16 Bold 210 razors for $18,900 cash. 20 Replaced 28 TARE that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. Jan 5. Sold 140 rator for $12,600 col. 17 Replaced 33 TAROT that were returned under the warranty 31 Recognised warranty expense related to January sales with an adjusting entry. Problem 9.4A (Algo) Part 1 Required: 1. Prepare journal entries to record above transactions and adjustments, View transaction Hot O Required information View transaction list Journal entry worksheet Record the cost of goods sold for 70 razars. Note: Enter debits before credits. Date General Journal Debit Credit Nov 11 Record entry Clear entry View general Journal