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 $9,800; Accounts Receivable $3,300; Inventory $4,900; Common Shares $10,600; and Retained Earnings $7.400. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. 1 May 3 4 Purchased merchandise on account from Depot Wholesale Supply Ltd. for $6,740, terms 1/10, n/30, FOB shipping point. Freight charges of $179 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Yip Company for $4,900, terms n/30, FOB destination. The cost of the merchandise was $3,800. 7 Freight charges of $114 were paid by the appropriate party on the May 4 sale. 8 9 11 14 15 18 Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. Purchased supplies for $530 cash. Received payment in full from Yip Company for merchandise sold on account on May 4. Collected $1.220 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 $3.700, terms n/30, FOB destination, 21 Freight of $61 was paid by the appropriate party on the May 18 purchase of merchandise 2222 29 31 Sold merchandise to various customers for $9.400 cash. The cost of the merchandise was $5.200 Paid a $122 cash refund to customers for returned merchandise. The cost of the returned merchandise was $69 It was restored to inventory. A physical inventory count was taken and determined that there was $6.180 of inventory on hand. Prepare any adjustment required.