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Wrinkle in Time Inc. warrants its products for one year. The estimated product warranty is 4.5% of sales. Assume that sales were $842,000 for March.
Wrinkle in Time Inc. warrants its products for one year. The estimated product warranty is 4.5% of sales. Assume that sales were $842,000 for March. In April, a customer received warranty repairs requiring $35,996 of parts.
a.Determine the warranty liability at March 31, the end of the first month of the current fiscal year.Round your answer to the nearest dollar.
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