Warranty Costs Milford Company sells a motor that carries a three-month unconditional warranty against product failure. Based on a reliable statistical analysis, Milford knows that between the sale and the end of the product warranty period, two percent of the units sold will require repair at an average cost of $50 per unit. The following data reflect Milford's recent experience:

Warranty Costs Milford Company sells a motor that carries a three-month unconditional warranty against product failure Based on a reliable statistical analysis, Milford knows that between the sale and the end of the product warranty period, two percent of the units sold will require repair at an average cost of $50 per unit. The following data reflect Milford's recent experience 6 7 8910 Finish attempt... October November December Dec. 31 Total Units sold 29,000 22,000 31,000 82,000 Known product failures from sales in: October 130 190 160 220 250 480 360 250 140 November Calculate, and prepare a journal entry to record, the estimated liability for product warranties at December 31. Assume that warranty costs of known failures have already been reflected in the records. General Journal Debit Credit Date Description Dec.31 Product Warranty Expense Estimated Liability for Product Warranty # To provide for estimated future warranty expense Check You have correctly selected 4. Partially correct Marks for this submission: 4.00/6.00