Required information [The following information applies to the questions displayed below] 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 $15 and its retait selling price is $70. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred. Novenber 11 Sold 80 razors for $5,609 cash. Novenber 30 Recognized warranty expense related to November sales with an adjusting entry. Decenber 9 . Peplaced 16 razors that were returned under the warranty. Decenber 16 Sold 240 razors for $16,800 cash. Decenber 29 Replaced 32 razors that were returned under the warranty. Decenber 31 Recognized warranty expense related to Decenber sales with an adjusting entry. January 5 Sold 160 razers for 511,20 cash. January 17 Replaced 37 razors that were returned under the warranty. January 17 Reploced 37 razors that were returned under the warranty. January 31 Recognized warranty expense retated to January sales with an adjusting entry. 5. What is the balance of the Estimated Warranty Llablity account as of January 31