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During 2004, Alton Co. introduced a new product carrying a two-year warranty against defects. The estimated warranty costs related to sales are 4% within 12 months following sale and 8% in the second 12 months following sale. Sales and actual warranty expenditures for the years ended December 31, 2004 and 2005 are as follows:
Actual Warranty Sales Expenditures
2004 P 800,000 P24,000
2005 1,000,000 60,000
P1,800,000 P84,000
Problem 1. At December 31, 2005, Alton should report an estimated warranty liability of
a. P28,000.
b. P36,000.
c. P60,000.
d. P132,000.
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