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Prepare journal entries to record the repairs made

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Question - Grouper Company sells products with a 2-year warranty. Past experience indicates that 2% of the units sold will be returned during the warranty period for repairs. The average cost of repairs under warranty is estimated to be $70 per unit. During 2020, 6,500 units were sold at an average price of $400. During the year, repairs were made on 55 units at a cost of $3,600.

Required - Prepare journal entries to record the repairs made under warranty and estimated warranty expense for the year.

Reference no: EM133174555

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