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The percentage of estimated warranty expense is 4% of Lynx, 7% of Puma, and Jag estimated warranty expense percentage is 6%.
A company must record estimated warranty expense in the period of the sale. Thus, that expected cost is recorded as a liability on its balance sheet and as an expense on its income statement.
The warranty expense is an expense related to the repair, replacement, or compensation to a user if any product turns out to be a defective piece.
Hence, a vendor or manufacturer is committed to repair or replace a sold product during a certain time period if it breaks or does not function properly accordingly to the terms of the warranty.
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