At the end of 2008 the management of Central Appliance analyzes the appliances s

At the end of 2008 the management of Central Appliance analyzes the appliances sold within the preceding 12 months. It classifies all appliances still covered by warranty as follows: those sold on or before June 30 (more than six months old) those sold after June 30 but on or before November 30 (more than one month but less than six months old) and those sold on or after December 1. Assume that it estimates that one-half of 1% of the appliances sold more than six months ago will require repair 5% of the appliances sold one to six months before the end of the year will require repair and 8% of the appliances sold within the last month will require repair. From this analysis management estimates that $5000 of repairs will still have to be made in 2009 on the appliances sold in 2008. Items remaining in ending inventory on December 31 2008 had cost S 120000.(a) What were the total acquisitions of merchandise inventory during 2008?(b) What was the cost of goods sold for 2008?(c) What was the dollar amount of repairs made during 2008? (d) What was the warranty expense for 2008?(e) Give journal entries for repairs made during 2008 for the warranty expense for 2008 and for cost of goods sold for2008.