On March 10, 2022, Ayayai Company sold to Barr Hardware 200 tool sets at a price of $47 each (cost $30 per set) for cash. Ayayai allows Barr to return any unused tool sets within 60 days of purchase. Ayayai estimates that: (1) 10 sets will be returned, (2) the cost of recovering the products will be immaterial, and (3) the returned tools sets can be resold at a profit. On March 25, 2022, Barr returned 7 tool sets and received a credit to its account. related to the Barr sale. Sales Revenue Income Statement (partial) For the Quarter Ended March 31, 2022 Less : Sales Returns and Allowances Net Sales Cost of Goods Sold Gross profit Cash Returned Inventory Refund Liability Statement of Financial Position (partial) March 31, 2022 $ $ 9400 470 8930