Lenovo sells juices to customers with an unconditional right of return if they are not satisfied. The right of returns extends 60 days. Based on prior experience estimated returns are expected to be 20%. All sales are paid in cash. On March 11, 2016, a customer purchases $3,000 of products (cost $1,500).

Prepare the journal entry to record the sale, cost of goods sold, inventory, estimated inventory returns, and refund liability journal entry

(example: DR 5000 or CR 1,000)