Required information The following information applies to the questions displayed below On October 29, 2016, Lobo Co. began operations by purchasing razors for resale. Lobo uses the perpetual inventory method. The razors have a 90-day warranty that requires the company to replace any nonworking razor. When a razor is returned, the company discards it and mails a new one from per new razor is $15 and its retail selling price is $60 in both 2016 and 2017. The manufacturer has advised the company to expect warranty costs to equal 9% of dollar sales. The following transactions and events occurred. handise Inventory to the customer. The company's cost 2016 Nov. 11 Sold 60 razors for $3,600 cash. 30 Recognized warranty expense related to November sales with an adjusting entry. Dec. 9 Replaced 12 razors that were returned under the warranty. 16 Sold 180 razors for $10,800 cash. 29 Replaced 24 razors that were returned under the warranty. 31 Recognized warranty expense related to December sales with an adjusting entry. 2017 Jan. 5 Sold 120 razors for $7,200 cash. 17 Replaced 29 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 for 2016. Journal entry worksheet 2 2 3 5 8 Record the sales revenue of 60 razors for $3,600 cash. Nov 11 Clear entry 2 Record the sales revenue of 120 razors for $7,200 cash. Cr General Journal Date Jan 05 Clear entry How much warranty expense is reported for November 2016 and for December 2016? Varranty expense for November 2016 arranty expense for December 2016 Warranty expense stimated warranty liability balance What is the balance of the Estimated Warranty Liability account as of January 31, 2017? stimated