Lacazette Company began 2021 with a credit balance of $87,000 in the refund liability account. Sales and cash collections from customers during the year were $750,000 and $610,000, respectively. Lacazette estimates that 8% of all sales will be returned. The balance in the refund liability account at the end of 2021 was $76,500. What is the amount of merchandise returned during 2021? Multiple Choice $59,300 $81,700 $70,500