Reference no: EM133158004
Question 1 - During 2021, JJJ Co. introduced a new line of machines that carry a three-year warranty against manufacturer's defects. Based on industry experience, warranty costs are estimated at 2% of sales in the year of sale, 3% in the year after sale, and 4% in the second year after sale. Sales and actual warranty expenditures for the first three-year period were as follows:
Sales / Actual Warranty / Expenditures
2021 / 600,000 / 9,000
2022 / 1,500,000 / 65,000
2023 / 2,100,000 / 135,000
What amount should JJJ report as a liability at December 31, 2023?
Question 2 - A vendor is running a promotion whereby a consumer who purchases three boxes of golf balls at P20 per box in a single transaction receives an offer for one free box of golf balls if the customer fills out a request form and mails it to the vendor before a set expiration date (a mail-in rebate). The vendor estimates, based on recent experience with similar promotions, that 80% of the customers will complete the mail-in rebate required to receive the free box of golf balls. How much of the transaction price is allocated to the mail-in rebate?
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