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Briefly describe the accounting for these sales

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Question - Gyro Company is presently testing a number of new weed control products that it recently developed. To stimulate interest, it has decided to grant to five of its largest customers the unconditional right of return to these products if not fully satisfied. The right of return extends for 4 months. Gyro sells these products on account for $2,000,000 on January 2, 2016. Companies are required to pay the full amount due by March 15, 2016.

Briefly describe the accounting for these sales, if Gyro is unable to reliably estimate returns.

Reference no: EM132054674

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