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During the financial year ending 30 June 2020 ABC Ltd had total sales revenues of $300,000 (selling price is $3 per unit) and cost of goods sold of $150,000 (cost is $1.5 per unit). The opening balance of provision for warranty is 0. Based on prior experience, 10% of products sold would be returned in exchange for new products, and 5% of products sold would be returned for a cash refund. ABC made the provision for their warranty based on these estimates. As at 30 June 2020, 12% of products sold were returned for cash refund and 12% of products sold were returned in exchange for new products.
Problem 1: What is the total warranty expense for the financial year ended 30 June 2020?
Problem 2: How much inventory cost (in dollars) did the company incur to replace the faulty products for the year ended 30 June 2020?
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