Chen Echevarria & Daughters Inc began 2021 with a credit balance of $32,300 in the refund liability account Sales and cash collections from customers during the year were $570,000 and $530,000, respectively. The company estimates that 8% of all sales will be returned. During 2021, customers returned merchandise for credit of $22,000 to their accounts What is the balance in the refund liability account at the end of 2021 Multiple Choice Junaid, Mensah & Yen Enterprises executed a purchase agreement on 07/10/2021 to buy inventory for $350,000 on or before 02/15/2022 from Lu & Liang Timber. Junaid, Mensah & Yen Enterprises fiscal year end is December 31 and the company maintains a perpetual inventory system. The purchase agreement was exercised on 02/012022 and settled in cash at the purchase agreement price. On the exercise date, the market price of the inventory was $361,000; on 12/31/2021, the market price was $323,000, What is the loss on purchase commitment recognized by Junaid, Mensah & Yen Enterprises in 20217 HeChow Traders changed to the dollar value LIFO Inventory method on January 1, 2021. in using the LIFO method, HeChow uses internal cost indexes and the multiple pools approach. The following data were available for the Inventory Groups for the two years following the change to UFO: - 24 Ending Inventory At Year- At Base Year End Year Cost 1/1/2021 $305,500 $305,500 12/31/2021 340,200 324,000 12/31/2022 435,600 360,000 Cost Index 1.00 1.05 1.21 Under the dollar value LIFO method, the inventory at December 31, 2022. should be