A company has a selling price of $2,050 each for its printers. Each printer has...
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A company has a selling price of $2,050 each for its printers. Each printer has a 2 year warranty that covers replacement of defective parts. It is estimated that 3% of all printers sold will be returned under the warranty at an average cost of $155 each. During November, the company sold 35,000 printers, and 450 printers were serviced under the warranty at a total cost of $60,000. The balance in the Estimated Warranty Liability account at November 1 was $31,500. What is the company's warranty expense for the month of November?
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