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How much should cougar corp add to warranty liability

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Problem 1: Cougar Corp had $250,000 in sales of Product X in 2020. By December 31st, it had already paid out $5,000 in warranty claims related to 2020 sales of Product X. Management estimates warranty expense will be 5% of total sales for 2020. To close out the period, how much should Cougar Corp add to its warranty liability account for Product X?

Multiple Choice

Option 1: $12,500.

Option 2: $7,500.

Option 3: $2,500.

Option 4: $500

Reference no: EM132813146

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