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On July 15,2024, Thompson Electronics sells 8,000 smartphones at an average price of $700 each....

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Question

Accounting

On July 15,2024, Thompson Electronics sells 8,000 smartphones at an average price of $700 each. The product includes a one-year warranty on parts. Historical data suggests that 3% of the smartphones sold will require warranty repairs, with an average repair cost of $150 per unit. How much should Thompson Electronics estimate for warranty costs to accrue for this sale?
Responses
$36,000
$36,000
$12,500
$12,500
$100
$100
$3,125

Answer & Explanation Solved by verified expert
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