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How much is the estimated liability for warranty at December

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Question - Use the following information for the next two questions: Doberman Incorporated started selling iPad with a four-year warranty against factory defects in 2018. Estimated warranty costs related to pesos sales are as follows: 1% of sales in the year of sale, 2% of sales in the year after sale, 4% of sales two years after sale and 7% of sales three years after sale. Information relating to sales and actual warranty expenditures for the year 2018 through 2021 is as follows:

Year Sales Actual Warranty Expenditure

2018 3,280,000 110,600

2019 4,320,500 200,480

2020 4,585,800 310,690

2021 5,320,300 400,480

Required -

1. How much is the warranty expense in 2020?

2. How much is the estimated liability for warranty at December 31, 2021?

 

Reference no: EM132800726

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