Nardone enters into 50 contracts with customers. Each contract includes the sale of one product for $1,000. The cost to Nardone of each product is $400. Cash is received upfront and control of the product transfer on delivery. Customers can return the product within 30 days to receive a full refund. Nardone can sell the returned products at profit. Nardone has significant experience in estimating returns for this product. It estimates that 48 products will not be returned. Required: How much is the revenue and the refund liability