Reference no: EM133108723
Question - Sunshine Company introduced a new product carrying a three-year warranty against defects during 2020. The estimated warranty costs related to peso sales are 2% within 12 months following sale; 5% in the second 12 months following sale and 7% in the third 12 months following sale.
The company reported sales of P10,000,000 for 2020; P12,500,000 for 2021; and P15,000,000 for 2022. The actual expenditures incurred amounted to P1,000,000, P1,500,000, and P1,800,000 for 2020, 2021, and 2022, respectively.
Required -
1. What is the warranty liability on December 31, 2021?
2. What is the warranty expense for 2022?
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