Swifty Company sells automatic can openers under a 75-day warranty for defective merchandise. Based on past experience, Swifty estimates that 4% of the units sold will become defective during the warranty period. Management estimates that the average cost of replacing or repairing a defective unit is $25. The units sold and units defective that occurred during the last 2 months of 2022 are as fOllOws Month November December Units Sold 36.000 38,000 Units Defective Prior to December 31 720 475. Please show work so I can understand the process and learn. Thanks

Current Attempt in Progress Swifty Company sells automatic can openers under a 75 day warranty for defective merchandise, Based on past experience, Swifty estimates that 4% of the units sold will become defective durine the warranty period. Management estimates that the average cost of replacing or repairing a defective unit is $25. The units sold and units defective that accurred during the last 2 monthe of 2022 are as follows. (a) Your answer is correct. Prepare the journal entry to record the costs incurred in honoring 1,195 war ranty claims. ifssume actual costs of $29,875. (Credit account titles are autamatically indented when amount is entered. Do not indent monually.) Prepare the journal entry to record the warranty liabl lity at December 31 for the units sold in November and December. (Credit account titles are automaticolly indented when amount is entered. Do not indent manually eTextbook and Media Assistance Used List of Accounts Last saved 1 second ago. Attempts: 2 of 5 used (C) Your answer is partially correct. Give the entry to record the honoring of 500 warranty contracts in January at an average cost of $25. (Credit account titles are automoticolly indented when omount is entered. Do not indent manually