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At the beginning of 2022, Laminate Corporation began offering a 1-year warranty on its products....

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Accounting

At the beginning of 2022, Laminate Corporation began offering a 1-year warranty on its products. Warranty expense is estimated to cost 8% of net sales. Net sales in 2022 were $120 million. 12% of the units sold were returned in 2022 and repaired or replaced at a cost of $4.4 million. What amount of Warranty Expense should be reported in the company's 2022 income statement

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