PARRISH 7-2 SALE OF INVENTORY Please complete the following periodic/perpetual inventory transactions. Please be certain to give a correct answer and use the correct terms.

Perpetual Method

5/15 Sold inventory that had cost us $300 for $525 on account. Freight to get the merchandise to our customer cost us $50. 5/20 Accepted return of merchandise which was wrong color for the customer. We had sold the merchandise for $72; our cost was $56 5/29 Shipped merchandise that had cost us $790 to a customer for $1050. The customer agreed to pay us in 30 days 5/30 Received a check for 5/15 sale

Record these transactions using the Perpetual Method.