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Brooks Corporation sells computers under a 2-year warranty contract that requires the corporation to replace defective parts and to provide the necessary repair labor. During 2019, the corporation sells for cash 400 computers at a unit price of $2,500. On the basis of past experience, the 2-year warranty costs are estimated to be $155 for parts and $185 for labor per unit. (For simplicity, assume that all sales occurred on December 31, 2019.) The warranty is not sold separately from the computer.
Question (a) Record any necessary journal entries in 2019.(sales & estimated warranty expense)
Question (b) In 2019, the actual warranty costs to Brooks Corporation were $54,250 for parts and $37,000. Record any necessary (if any) on the December 31, 2019.
Question (c) In 2020, the actual warranty costs to Brooks Corporation were $9,750 for parts and $37,000 for labor. Record any necessary December 31, 2020.
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