Alexis Corporation sold 11,000 units of a new product for $50/unit during 2019. The sales...
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Alexis Corporation sold 11,000 units of a new product for $50/unit during 2019. The sales price included a 2-year warranty to cover any defects on the product. Management at Alexis Corporation estimates total warranty expenses to be 5% of sales dollars. Assuming actual warranty expenditures related to this product were $10,000 in 2019, what amount of warranty expense will Alexis Corporation record on their 2019 income statement?
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