The supply schedule shows the relationship between

a) opportunity cost benefit analysis.
b) the cost of inputs and the cost of ouputs.
c) the price of a good and the quantity that producers supply.
d) the demand for a good and the quantity supply of that good.

Right medical introduced a new implant that carries a five-year warranty against manufacturer’s defects. based on industry experience with similar product introductions, warranty costs are expected to approximate 2% of sales. sales were $8 million and actual warranty expenditures were $42,750 for the first year of selling the product. what amount (if any) should right report as a liability at the end of the year?