Accounting

On August 1, a company that follows IFRS sells navigation units for $800,000 on account/on credit. The cost of the navigation units is 70% of sales, $560,000. The company offers customers a three month return period. Past experience indicates that the normal return rate is 10%. On September 1st, customers returned units that had sold for $20,000 and had cost $14,000. Customers were granted credit for their returns. What is the ending balance of: . Refunding liability on August 1 st . Estimated inventory returns on August 1 st . Refunding liability on September 1 st . Estimated inventory returns on September 1st You are not required to prepare journal entries