CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTIONS Partially correct 0.67 points out of 1.00 P Flag question Warranty Costs Milford Company sells a motor that carries a three-month unconditional warranty against product failure. Based on a reliable statistical analysis, Milford knows that between the sale and the end of the product warranty period, two percent of the units sold will require repair at an average cost of $50 per unit. The following data reflect Milford's recent experience: October November December Dec. 31 Total Units sold 30,000 29,000 32,000 91,000 Known product failures from sales in: 180 October November December 160 220 270 180 520 350 270 130 Calculate, and prepare a journal entry to record, the estimated liability for product warranties at December 31. Assume that warranty costs of known failures have already been reflected in the records. General Journal Date Description Debit Credit Dec.31 Product Warranty Expense Estimated Liability for Product Warranty To provide for estimated future warranty expense