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Category > Accounting Posted 25 Aug 2017 My Price 5.00

Clearview Company

Problem 9-4 Warranties

Clearview Company manufactures and sells high-quality television sets. The most popular line sells for $1,000 each and is accompanied by a three-year warranty to repair, free of charge, any defective unit. Average costs to repair each defective unit will be $90 for replacement parts and

$60 for labor. Clearview estimates that warranty costs of $12,600 will be incurred during 2014. The company actually sold 600 television sets and incurred replacement part costs of $3,600 and labor costs of $5,400 during the year. The adjusted 2014 ending balance in the Estimated Liabil- ity for Warranties account is $10,200.

Required

1.        How many defective units from this year’s sales does Clearview Company estimate will be returned for repair?

2.        What percentage of sales does Clearview Company estimate will be returned for repair?

3.        What steps should Clearview take if actual warranty costs incurred during 2015 are signifi- cantly higher than the estimated liability recorded at the end of 2014?

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Maurice Tutor
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Status NEW Posted 25 Aug 2017 12:08 AM My Price 5.00

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