Under IFRS policy

PS Limited sells 100 products for $120 each to Eagle Limited for cash. PS Limited allows Eagle Limited to return any unused product within 30 days and receive a full refund. The cost of each product is $72. To determine the transaction price, PS Limited decides that the approach that is most predictive of the amount of consideration to which it will be entitled is the most likely amount. Using the most likely amount, PS Limited estimates that: Three products will be returned. The costs of recovering the products will be immaterial. The returned products are expected to be resold at a profit. Assume PS Limited is using the perpetual inventory system Required: Prepare journal entries to reflect the sale. (6 marks) Accounts: Bank, Costs of sales, Inventory, Refund liability, Revenue