False Value Hardware began 2021 with a credit balance of $31,100 in the refund liability account. Sales and cash collections from customers during the year were $660,000 and $620,000, respectively. False Value estimates that 6% of all sales will be returned. During 2021, customers returned merchandise for credit of $25,000 to their accounts. False Value Hardware's 2021 income statement would report net sales of: Multiple Choice $635,000. $628,900. $620,400. $653,900