Required Information 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 Wrien 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 $60. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred. Nov. 11 Sold 7e razors for $4,200 cash 3e Recognized warranty expense related to November sales with an adjusting entry. Deci 9 Replaced 14 razors that were returned under the warranty. 16 Sold 210 razors for $12,600 cash. 29 Replaced 28 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. Jan 5 Sold 148 razors for $8,4ee cash. 17. Replaced 33 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. 1. Prepare journal entries to record above transactions and adjustments View transaction list Journal entry worksheet 1 2 3 4 5 -6 7 8 12 Record the sales revenue of 70 razors for 54.209 ch. Ork Save Required information [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 Wrien 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 $60. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred. Nov. 11 Sold 78 razors for $4,200 cash. 38 Recognized warranty expense related to November sales with an adjusting entry. Dec. 9 Replaced 14 razors that were returned under the warranty. 15 Sold 210 razors for $12,600 cash. 29. Replaced 28 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. 5 Sold 148 razors for $8.400 cash. 17 Replaced 33 razors that were returned under the warranty. 31 Recognized warranty expense related to January sales with an adjusting entry. 2. How much warranty expense is reported for November and December? Warranty expense for November Warranty expense for December