Use fset to record inline payment during the year

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Reference no: EM132683224

Inline Incorporated manufactures skates and equipmlt for in-line skating. The company offers a one-year warranty on all products. During 2014, the company recorded net sales of $4,12T.3 million. Historically, about 3% of all sales are returned under warranty and the cost of repairing and or replacing goods under warranty is about 50% of retail value. Assume that at the start ofthe year Inline's balance sheet included an accrued warranty liability of$15.4 million and at the end of the year, the accrued warranty liability balance was $1 1.5 million.

Required:

Problem a: Use FSET to record

1. Inline's warranty expense for 2014.

2. Inline's payment during the year to repair and or replace goods under warranty

Reference no: EM132683224

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