[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 alscards it and malls a new one from Merchandise Inventory to the customer. The company's cost per new razor is $20 and its retail selling price is \$75. The company expects warranty costs to equal 8% of dollar sales. The following transactions occurred Aavenber 11 . 5016.105 razons for 57,875 cath. November 36 gecognized warranty expense related to Novenber sales wath an aufosting entry. Decenber 2 geplared 15 razors that wece returned wader the warranty. becember 16 Sold 220 wazort foe 516, 50d cash. Deceeber 29 fleplaced 30 razors that were returoed under the warranty. lanvery 5 sold 150 razors fon 311,250 casp. gatwary 17 . Replaced 5 e razors that were raturned whder toe warranty. Jamency 31 Gecognized waccanty expense related to januacy sales glth an adjusting entryc. 3. How much warranty expense is reponted for January