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Question - During the financial year ending 30 June 2020 ABC Ltd had total sales revenues of $300,000 (selling price is $3 per unit) and cost of goods sold of $150,000 (cost is $1.5 per unit). The opening balance of provision for warranty is 0. Based on prior experience, 10% of products sold would be returned in exchange for new products, and 5% of products sold would be returned for a cash refund. ABC made the provision for their warranty based on these estimates. As at 30 June 2020, 12% of products sold were returned for cash refund and 12% of products sold were returned in exchange for new products.
Required -
1. What is the total warranty expense for the financial year ended 30 June 2020?
2. How much inventory cost (in dollars) did the company incur to replace the faulty products for the year ended 30 June 2020?
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