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Law Incorporation [45]
3 years ago
15

Wright Company sells merchandise with a one-year warranty. This year, sales consisted of 2,000 units. It is estimated that warra

nty repairs will average $15 per unit sold, and 30% of the repairs will be made this year and 70% next year. In this year's income statement, Wright should show warranty expense of?
Business
1 answer:
Marianna [84]3 years ago
7 0

Answer:

$ 30,000.00

Explanation:

The cost of warranty is expensed the same period the sale is made.  Warranty can be estimated, and expensing them together with sale matches a sale and its relevant cost.

<u>In this case: </u>

Estimated warranty @ $15 dollar per unit sale

total unit sold =2000

Warranty amount = $15 x 2000

   =$ 30,000.00

To be expensed when the sale is made

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