Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 25 Oct 2017 My Price 8.00

product warranty costs

Volvo Group reports the following information for its product warranty costs as of December 31, 2008, along with provisions and utilizations of warranty liabilities for the year ended December 31, 2008 (SEK in millions). Product warranty costs Estimated costs for product warranties are charged to cost of sales when the products are sold. Estimated warranty costs include contractual warranty and goodwill warranty. Warranty provisions are estimated with consideration of historical claims statistics, the warranty period, the average time-lag between faults occurring and claims to the company, and anticipated changes in quality indexes. Differences between actual warranty claims and the estimated claims generally affect the recognized expense and provisions in future periods. At December 31, 2008, warranty cost provisions amounted to 10,354.

 

Product warranty liabilities, December 31, 2007 . . . . . . . . . . . . . . . . SEK 9,373

Additional provisions to product warranty liabilities . . . . . . . . . . . . . 6,201

Utilizations and reductions of product warranty liabilities . . . . . . . . (5,220)

Product warranty liabilities, December 31, 2008 . . . . . . . . . . . . . . . . 10,354

1. Prepare Volvo’s journal entry to record its estimated warranty liabilities (provisions) for 2008.

2. Prepare Volvo’s journal entry to record its costs (utilizations) related to its warranty program for 2008. Assume those costs involve replacements taken out of Inventory, with no cash involved.

3. How much warranty expense does Volvo report for 2008?

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Oct 2017 06:10 PM My Price 8.00

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