Question 7 Your company has a policy in place for expecting and reporting refund liabilities. Below, you are given data on sales to distributors: units sold = 1,000 selling price per unit $ 50.00 cost price per unit = $ 10.00 expected percentage of sales returns = 6% Under accounting rules (i.e., US GAAP), which of the following entries (aimed at accounting for expected sales returns) is associated with the cost of goods returned? Select all answers that apply (choose among the 5 answers available) DEBIT "cost of sales" account $3K DEBIT "returns asset" account $600 CREDIT "cost of sales" account $3K CREDIT "cost of sales" account $600 DEBIT "cost of sales" account $600