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Question - Warranties-Assurance-Type
Cool Sound Ltd. manufactures a line of amplifiers that carry a three-year warranty against defects. Based on experience, the estimated warranty costs related to dollar sales are as follows: first year after sale-2% of sales; second year after sale-3% of sales; and third year after sale-4% of sales. Sales and actual warranty expenditures for the first three years of business were:
Sales
Warranty Expenditures
2018
$810,000
$16,500
2019
1,070,000
47,200
2020
1,036,000
83,000
Calculate the amount that Cool Sound Ltd. should report as warranty expense on its 2020 income statement and as a warranty liability on its December 31, 2020 SFP using the assurance-type warranty (expense-based approach). Assume that all sales are made evenly throughout each year and that warranty expenditures are also evenly spaced according to the rates above.
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