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What is the balance of the warranty obligation

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Question - Huawei Corporation offers a three-year warranty on its goods. According to Huawei, they estimate that warranty costs P400 per item sold. The liability for warranty has a P800,000 balance as of Jan. 1, 2021, for units sold in 2020. During the year, Huawei sold 5,000 units, with actual warranty costs of P1,240,000. As of Dec. 31, 2021, what is the balance of the warranty obligation?

Reference no: EM133064709

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