Milford company sells a motor that carries a three-month unconditional warranty against product failure. based on a reliable statistical analysis, milford knows that between the sale and the end of the product warranty period, two percent of the units sold will require repair at an average cost of $50 per unit. the following data reflect milford's recent experience:

october november december dec. 31 total
units sold 24,000 26,000 26,000 76,000
known product failures from sales in:
october 130 190 170 490
november 130 220 350
december 210 210

calculate, and prepare a journal entry to record, the estimated liability for product warranties at december 31. assume that warranty costs of known failures have already been reflected in the records.

Asavings account that pays interest every 3 months is said to have a interest period

Suppose a firm faces a fixed price of output, 푝푝= 1200. the firm hires workers from a union at a daily wage, 푤푤, to produce output according to the production function 푞푞= 2퐸퐸12. there are 225 workers in the union. any union worker who does not work for this firm is guaranteed to find nonunion employment at a wage of $96 per day. a. what is the firm’s labor demand function? b. if the firm is allowed to choose 푤푤, but then the union decides how many workers to provide (up to 225) at that wage, what wage will the firm set? how many workers will the union provide? what is the firm’s output and profit? what is the total income of the 225 union workers? c. now suppose that the union sets the wage, but the firm decides how many workers to hire at that wage (up to 225). what wage will the union set to maximize the total income of all 225 workers? how many workers will the firm hire? what is the firm’s output and profit? what is the total income of the 225 union workers? [hint: to maximize total income of union, take the first order condition with respect to w and set equal to 0.]

On april 1, the cash account balance was $46,220. during april, cash receipts totaled $248,600 and the april 30 balance was $56,770. determine the cash payments made during april.