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What eaton should report an estimated warranty liability of

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During 2020, Eaton Co. introduced a new product carrying a two-year warranty against defects. The estimated warranty costs related to dollar sales are 2% within 12 months following sale and 4% in the second 12 months following sale. Sales and actual warranty expenditures for the years ended December 31, 2020 and 2021 are as follows:

Sales

2020           $800,000

2021        1,000,000
               $1,800,000

Actual $12,000

Warranty 35,000

Expenditures $47,000

Problem 1: At December 31, 2021, (assuming the accrual method) Eaton should report an estimated warranty liability of

Reference no: EM132944345

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