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Please show all steps so I can fully understand how to solve. Thank you ...

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Accounting

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Please show all steps so I can fully understand how to solve. Thank you

An entity offers a 2 year warranty program on all the products is sells. They estimate that warranty costs will equal 3% of sales in the first year of the warranty and 1% of sales in the second year of the warranty. In the first year, total sales amounted to 52909041. Warranty costs incurred to service products under warranty was 534227. What is the warranty expense for the first year? Select one: a. 534227 b. 587271 c582135 d. 5116362 Check

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