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 rozor is $13 and its retail selling price is $90. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred. Nov. 11 Sold 70 Tators for 56,300 cash. 30 Recognized warranty expente related to November sales with an adjusting entry. Dec. 9 Replaced 14 rators that were returned under the warranty 16 Sold 210 TAROTS for $18.900 cash. 29 Replaced 28 ranors that were returned under the warranty, 31 Recognised warranty expense related to December sales with an adjusting entry. Jan. 5 sold 140 razors for $12,600 cash. 17 Replaced 33 razors that were returned under the warranty, 31 Recognized warranty expense related to January nales with an adjusting entry. Problem 9-4A (Algo) Part 2 2. How much warranty expense is reported for November and for December? Warranty expense for November Warranty expense for December