At the beginning of the current soccer season, on May 1, 2021. Fullback Sports has 104 soccer balls in inventory at 510 each. The company uses a perpetual inventory system and the contract-based approach for revenue recognition. Based on past experience. Fullback's management estimates returns at 20% of sales and has a stated return policy of 15 days from the date of sale. The following sales transactions occurred in May; May 5 7 10 Sold 15 soccer balls to Wolverine Soccer Club for $20 each, 1/30 Wolverine Soccer Club returned 3 of the balls after determining it had purchased more balls than it needed. Fulltack gave Wolverine a credit on its account and returned the balls to inventory Sold 35 balls at $20 each to cash customers, 7 of the balls purchased for cash on May 10 were returned for cash because they were damaged. The balls were scrapped. Sold 25 balls to Spectre Community Club for $20 each./30. Collected cash from Wolverine Soccer Club for the amount owing. 12 17 31