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 $8,200; Accounts Receivable $2,500; Inventory $4,100; Common Shares $9,000; and Retained Earnings $5,800. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. 1 May Purchased merchandise on account from Depot Wholesale Supply Ltd. for $5,940, terms 1/10, n/30, FOB shipping point. 3 4 Freight charges of $155 were paid by the appropriate party on the merchandise purchased on May 1 Sold merchandise on account to Yip Company for $4,100, terms n/30, FOB destination. The cost of the merchandise was $3,000. 7 Freight charges of $98 were paid by the appropriate party on the May 4 sale. 8 9 11 14 15 Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. Purchased supplies for $450 cash. Received payment in full from Yip Company for merchandise sold on account on May 4. Collected $1,060 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 $2,900, terms n/30, FOB destination. Freight of $53 was paid by the appropriate party on the May 18 purchase of merchandise. 18 21 22 Sold merchandise to various customers for $7,800 cash. The cost of the merchandise was $4,400. 29 31 Paid a $106 cash refund to customers for returned merchandise. The cost of the returned merchandise was $61 It was restored to inventory. A physical inventory count was taken and determined that there was $5,380 of inventory on hand. Prepare any adjustment required.