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Question - During 2018, Lion Parts Corp. introduced a new product with a 2-year warranty. The company estimates that warranty costs have an expected value of approximately 1% of sales. During 2018, the total sales were $500,000. In 2018, the company incurred costs of $1,450 to repair or replace the defective merchandise. During 2019, total sales were $650,000 and the company incurred costs to repair or replace for the total of $4,375.
Required -
a) Provide Journal Entries (to record Sales/AR, Warranty expense, adjustments to provision for warranty at year-end)
b) What is the balance in the warranty (provision) liability account at the end of 2019?
c) What is the warranty expense for 2018 and 2019?
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