False Value Hardware began 2024 with a credit balance of $32,000 in the refund liability account. Sales and cash collections from customers during the year were $650,000 and $610,000, respectively. False Value estimates that 6% of all sales will be returned. During 2024, customers returned merchandise for credit of $28,000 to their accounts. False Value Hardware's 2024 income statement would report net sales of: Multiple Choice $622,000. $607,000. $646,000. $611,000.