Littleton Books has the following transactions during May.

May 2	Purchases books on account from Readers Wholesale for $3,700, terms 2/10, n/30.
May 3	Pays cash for freight costs of $240 on books purchased from Readers.
May 5	Returns books with a cost of $350 to Readers because part of the order is incorrect.
May 10	Pays the full amount due to Readers.
May 30	Sells all books purchased on May 2 (less those returned on May 5) for $4,400 on account.

Required: 1. Record the transactions of Littleton Books, assuming the company uses a periodic inventory system. 2. Record the period-end adjusting entry to cost of goods sold on May 31, assuming the company has no beginning or ending inventory.