Lopez Company teports unadjusted first-year merchandise solos of $122,000 and cost of merchancise sales of $30,500 a. Comipute gross profit using the unadjusted numbers above: b.1.82. The company expects future returns and allowances equal to 2% of sales and 2% of cost of sales. Prepare the yearend adjusting entry to record the soles expected to be refunded and cost side of sales returns and allowances. b. 3. Rncompule gross profin using the adjustod numbets from parts 1 and 2 . c. Is Soles Rofund Paysable an asisot, liability, or equity occount? d. Is inventory Roturns Estimoted an asset, biablifty, or onuity account? Complete this question by entering your answers in the tabs below. Compsis wows proft wing the unadjusted numbers abowt