Talks-A-Lot, Inc. sells cell phones to customers and expects that 10% of phones sold will be returned for repair under its warranty program. The average repair cost is $77 per phone. For 2021, Talks-A-Lot has sold 550 cell phones and has repaired 12 of them as of December 31, 2021. What amount of warranty liability should be reported at December 31 2021? (Do not round Intermediate calculations.) Multiple Choice 0 O $924. 0 None, all expected returns from warranties have been received. 0 $3,311. 0 $4,235.