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What is the warranty expense

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Reference no: EM132974462

Question - During 2020, an entity introduced a new product carrying a two-year warranty against defects. The estimated warranty costs related to peso sales are 6% within 12 months following sale and 5% in the second 12 months following sale. The entity does not re-adjust its warranty liability at year-end unless materially different from this expectation.

The entity reported sales of P6,000,000 for 2020 and P7,200,000 for 2021. The actual expenditures incurred and paid amounted to P340,000 for 2020 and P760,000 for 2021.

What is the warranty expense for 2021?

Reference no: EM132974462

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