Byron Corp sold 700 dressers in 20X4 for $200 each (cost is $100). Byron expects 20%...

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Byron Corp sold 700 dressers in 20X4 for $200 each (cost is $100). Byron expects 20% of dressers to be returned on their built-in 1 year warranty and repaired at an average cost of $40 per dresser returned. During 20X4, 16 dressers were repaired on the 1-year warranty at a cost of $3,200. Additionally, Byron Corp offers a warranty which extends the coverage period to two years. The extended warranty costs $20 per dresser. Of the 700 dressers sold in 20X4, 300 were sold with the extended warranty. Five dressers were returned on extended warranty in 20X4 at a total cost of $500. Extended warranty comes into effect after the assurance warranty expires, so is recognized in the period beginning 1 year after sale and ending 2 years after sale. Beginning SFP account balances were as follows: Warranty liability ($2,000 CR); Unearned revenue ($2,500 CR) of which $1,500 is to be recognized in 20X4. Calculate the ending balances for the following accounts (no commas): Sales revenue $ Warranty revenue $ Cost of goods sold $ Warranty revenue $ Cost of goods sold $ Warranty expense $ Warranty liability $ Unearned warranty revenue $ Byron Corp sold 700 dressers in 20X4 for $200 each (cost is $100). Byron expects 20% of dressers to be returned on their built-in 1 year warranty and repaired at an average cost of $40 per dresser returned. During 20X4, 16 dressers were repaired on the 1-year warranty at a cost of $3,200. Additionally, Byron Corp offers a warranty which extends the coverage period to two years. The extended warranty costs $20 per dresser. Of the 700 dressers sold in 20X4, 300 were sold with the extended warranty. Five dressers were returned on extended warranty in 20X4 at a total cost of $500. Extended warranty comes into effect after the assurance warranty expires, so is recognized in the period beginning 1 year after sale and ending 2 years after sale. Beginning SFP account balances were as follows: Warranty liability ($2,000 CR); Unearned revenue ($2,500 CR) of which $1,500 is to be recognized in 20X4. Calculate the ending balances for the following accounts (no commas): Sales revenue $ Warranty revenue $ Cost of goods sold $ Warranty revenue $ Cost of goods sold $ Warranty expense $ Warranty liability $ Unearned warranty revenue $

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Paticulars Sales Revenue Warranty Revenue Cost of Goods Sold Warranty E... View the full answer