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Surfcom makes powered surf boats. At the end of the reporting period data provided suggests:
(i) If small defects arise with all of the products that have been sold, the related repair costs would be $3.5 million.
(ii) If significant defects arise with all of the products sold the related costs would be $12 million.
(iii) Based upon past experience within the company and within the industry, it is believed that 75% of all products will have not defects, 15% will have small defects and 10% will have significant defects.
Required:
Question a. Show calculations to determine what the balance for provision for warranty repairs should be.
Question b. What journal entry would be made to record this?
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