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Required information [The following information applles to the questions displayed below] On October 29 , Lobo Company began operations by purchasing razors for resale. The

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Required information [The following information applles 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 retall selling price is $80. The company expects warranty costs to equal 5% of dollar sales. The following transactions occurred. Hovember 11 Sold 80 razors for $6,400 canh. November 30 Rocognized rarranty expenee related to Novenher eales with an adjueting entry. December? Replaced 16 razorn that vere returned under the warranty. December 16 sold 240 razora for 519,200 enth. December 29 leplaced 32 razore that were returned under the warranty. Decepber 31 Recognized warranty expense related to December ealea with an adjusting. entry. danuary 5 Sold 160 rayors for $12,800 eash. January 17 neplaced 37 razors that were returned under the warranty. January 31 recognized warranty expense related to January eales with an adjusting entry. 5. What is the balance of the Estimated Warranty Liability account as of January 31

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