A company sells computers at a selling price of $1,450 each. Each computer has a 2 year warranty that covers replacement of defective parts. It is estimated that 3% of all computers sold will be returned under the warranty at an average cost of $143 each. During November, the company sold 23,000 computers, and 330 computers were serviced under the warranty at a total cost of $46,000. The balance in the Estimated Warranty Liability account at November 1 was $25,500. What is the company’s warranty expense for the month of November?
$49,335
$98,670
$46,000
$47,190
$20,500
2.Phil Phoenix is paid monthly. For the month of January of the current year, he earned a total of $8,488. The FICA tax for social security is 6.2% and the FICA tax rate for Medicare is 1.45%. The FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee’s pay. The amount of federal income tax withheld from his earnings was $1,408.37. His net pay for the month is (Round your intermediate calculations and final answer to two decimal places):
$6,566.00
$6,430.29
$5,157.63
$5,996.29
$6,956.55
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