during august, boxer company sells $354,000 in merchandise that has a one year warranty. experience shows that warranty expenses average about 5% of the selling price. the warranty liability account has a credit balance of $11,600 before adjustment. customers returned merchandise for warranty repairs during the month that used $8,200 in parts for repairs. the entry to record the estimated warranty expense for the month is:

Estimated warranty expense is $354,000 * 5% Estimated warranty expense. The entry to record the estimated warranty expense for the month is $17,700.

What does a projected warranty expense mean?

The price for fixing, replacing, or refunding a faulty item is known as a warranty expense. When a product is covered by a warranty, any flaws that could surface during use are covered by the vendor or maker of the product for a specified amount of time.
To calculate warranty costs, follow these procedures as a guide:
Find out how many products were sold overall.
Find out what proportion of the products are flawed.
Make a count of the items that need to be replaced.
Cost of replacing the product should be evaluated.
Be sure to factor in all warranty costs.

Explanation:

$354,000 * 5% = $ 17,700.

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