Hahn Flooring Company uses a perpetual inventory system. Journalize the December 31 adjusting entries based upon the following: a. Sales returns of $203,550 and merchandise returns of $51,330 are estimated for the current year's sales. Dec. 31 b. The inventory account has a balance of $1,334,700, while physical inventory indicates that $1,300,000 of merchandise is on hand. Assur any shrinkage is a normal amount. Dec. 31 Income Statement and Accounts for Merchandiser For the fiscal year, sales were $7,316,000 and the cost of goods sold was $4,243,000. a. What was the amount of gross profit? b. If total operating expenses were $1,103,000, could you determine net income? c. Customer Refunds Payable is a(n) What is its normal balance? account. d. Estimated Returns Inventory is a(n) account. What is its normal balance