Single-5tep income Statement Summary eperating data for Custom Wire a Tubing Company during the year ended April 30, 2018, are as follows: cost of goods sold, 56,100,000; administrative expenses, $740,000; interest expense, $25,000; rent revenue, $60,000; sales, $9,332,500; and selling experses, $1,250,000. Adjusting entry for customer refunds, allowances, and returns Scott Company had sales of \$12,350,000 and related cost of goods sold of \$7,500,000. Scott provides customers a refund for any returned ar damaged merchandise. At the end of the year, Scet estimates that customers will request refunds for 0,8% of sales and estimates that merchandise costing $48,000 will be returned. boumalue the adfusting entries on December 31 to record the expected customer returns