Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 2021. At the beginning of May, Piper's ledger showed Cash $7,000; Accounts Receivable $1,900; Inventory $3,500; Common Shares $7,800; and Retained Earnings $4,600. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. May 1 3 4 Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,340, terms 1/10, n/30, FOB shipping point. Freight charges of $137 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Yip Company for $3,500, terms n/30, FOB destination. The cost of the merchandise was $2,400. 7 Freight charges of $86 were paid by the appropriate party on the May 4 sale. 8 Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. 11 Purchased supplies for $390 cash. 14 15 15 18 21 23 22 22 29 31 Received payment in full from Yip Company for merchandise sold on account on May 4. Collected $940 of the accounts receivable outstanding at the beginning of the month. All accounts were originally sold on terms of n/30. Purchased merchandise from Harlow Distributors Inc. for $2,300, terms n/30, FOB destination. Freight of $47 was paid by the appropriate party on the May 18 purchase of merchandise. Sold merchandise to various customers for $6,600 cash. The cost of the merchandise was $3,800. Paid a $94 cash refund to customers for returned merchandise. The cost of the returned merchandise was $55. It was restored to inventory. A physical inventory count was taken and determined that there was $4,780 of inventory on hand. Prepare any adjustment required.