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How much warranty expense should be included

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Question - In December 2021, Your Corporation sold merchandise that cost it $34,000 for $135,000. It estimated that 2.5% (based on cost of goods sold) of warranty claims might be filed in regard to these transactions. On February 12, 2021, Your Corporation honored a warranty claim by giving the customer a new machine out of inventory that cost the company $75. How much warranty expense should be included on the 2021 financial statements of Your Company?

Reference no: EM133170046

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