Culver Company began the year with a credit balance in the Refund Liability account of $44400. Credit sales during the year were $670000. Culver customers made cash payments on account of $641000. During the year, customers returned $33300 worth of goods. Culver estimates that 6% of credit sales will be returned. What is the balance in Culver's Refund Liability account at the end of the year? $40200$117900$49560$51300 eTextbook and Media Culver Company began the year with a credit balance in the Refund Liability account of $44400. Credit sales during the year were $670000. Culver customers made cash payments on account of $641000. During the year, customers returned $33300 worth of goods. Culver estimates that 6% of credit sales will be returned. What is the balance in Culver's Refund Liability account at the end of the year? $40200$117900$49560$51300 eTextbook and Media