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 $6,400; Accounts Receivable $1,600; Inventory $3,200; Common Shares $7,200; and Retained Earnings $4,000. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. May 1 Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,040, terms 1/10, n/30, FOB shipping point. 3 Freight charges of $128 were paid by the appropriate party on the merchandise purchased on May 1. 4 Sold merchandise on account to Yip Company for $3,200, terms n/30, FOB destination. The cost of the merchandise was $2,100. 7 Freight charges of $80 were paid by the appropriate party on the May 4 sale. 8 Received a $140 credit from Depot Wholesale Supply when merchandise was returned. 9 Paid Depot Wholesale Supply in full. 11 Purchased supplies for $360 cash. 14 15 18 21 Received payment in full from Yip Company for merchandise sold on account on May 4. Collected $880 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 $2,000, terms n/30, FOB destination. Freight of $44 was paid by the appropriate party on the May 18 purchase of merchandise. 22 Sold merchandise to various customers for $6,000 cash. The cost of the merchandise was $3,500. 22 29 31 Paid a $88 cash refund to customers for returned merchandise. The cost of the returned merchandise was $52. It was restored to inventory. A physical inventory count was taken and determined that there was $4,480 of inventory on hand. Prepare any adjustment required.