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Calculate how much refund liability

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Question - On July 10, 20XX, ABC Corp sold its products to retailers on account for a selling price of $598,710 with a cost of goods sold of $478,940. The company grants the right to return products that do not sell in three months following delivery. Past experience indicates that the normal return rate is 14.30%. By October 11, 20XX, retailers returned systems to the company and were granted credits of $66,670. Using these numbers, calculate how much refund liability the company is estimating for all the sales made.

Reference no: EM132894404

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