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Problem
Specialty Appliances and More, Inc. (SAM) has a three-year warranty on their solar refrigerators for defects. Warranty costs are estimated at 2% of sales in year one (the year of the sale), and 5% of sales in each of the following two years. The warranty expires at the end of the third year. Annual sales and actual warranty repair costs were as follows:
sales
Actual Warranty Cost
year 1
$275,000
$27,500
year 2
$350,000
$17,500
year 3
$425,000
$30,000
total
$1,050,000
$75,000
What amount should SAM record as warranty expense in the first three years?
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