Recording Entries for Sales and tstimated Retures end of the period. The balance in Refund Liability was $39,600 and the balance in inventory-fatimated fieturns was $15,840 on jaruary 1 of the current yeat. c. Prepare the adfuating entries relaind to estimated retuins on Dectember al, include the cost of goods sold entry \begin{tabular}{|c|c|c|c|c|} \hline Sales Revenue & ^ & & 0 & 4,400,000 \\ \hline \multicolumn{5}{|l|}{ To record sales } \\ \hline Cost of Goods Sold & ^ & 1,760,000 & 0 & 0 \\ \hline Inventory & ^ & & 0 & 1,760,000 \\ \hline To record cost of sales & & & & \\ \hline \end{tabular} b. \begin{tabular}{|c|c|c|c|c|} \hline Account Name & & & Dr. & Cr. \\ \hline Sales Returns & & & 55,000 & 0 \\ \hline Accounts Receivable & ^ & & 0 & 55,000 \\ \hline \multicolumn{5}{|l|}{ To record sales returns } \\ \hline Inventory & & & 22,000 & 0 \\ \hline Cost of Goods Sold & & & 0 & 22,000 \\ \hline To record cost of sales returns & & & & \\ \hline \end{tabular} c. Check