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Fillmore Company started selling a new product that carried a two-year warranty against defects. Based upon past experience with other products, the estimated warranty costs related to peso sales are computed as follows:
First year of warranty 3%
Second year of warranty 5%
Total sales and actual warranty repairs for 2014 and 2015 are given below:
2014 2015
Sales P 4,200,000 P 6, 960, 000
Actual warranty expenditures 148,800 180,000
REQUIRED:
Question (a) What amount should Fillmore report as its estimated warranty liability as of December 31, 2015?
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