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What would be the resulting warranty liability for ABC

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Reference no: EM132840645

Question - In 2017, ABC Corporation began selling a new line of ski products that carry a 2-year warranty against defects. Based upon past experience with other products, the estimated warranty costs are as follows:

1st year of warranty 2% of sales

2nd year of warranty 5% of sales

Sales and actual warranty expenditures for 2017 and 2018 are presented below:

 

2017

2018

Sales

$650,000

$400,000

Actual warranty expenditures

$30,000

$25,000

Required - What would be the resulting warranty liability for ABC at the end of 2008?

Reference no: EM132840645

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