Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May 2021. At the beginning of May, Pipers 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.

May	1		Purchased merchandise on account from Depot Wholesale Supply Ltd. for $6,740, terms 1/10, n/30, FOB shipping point.
	3		Freight charges of $179 were paid by the appropriate party on the merchandise purchased on May 1.
	4		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		Received a $140 credit from Depot Wholesale Supply when merchandise was returned.
	9		Paid Depot Wholesale Supply in full.
	11		Purchased supplies for $530 cash.
	14		Received payment in full from Yip Company for merchandise sold on account on May 4.
	15		Collected $1,220 of the accounts receivable outstanding at the beginning of the month. All accounts were originally sold on terms of n/30.
	18		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.
	22		Sold merchandise to various customers for $9,400 cash. The cost of the merchandise was $5,200.
	29		Paid a $122 cash refund to customers for returned merchandise. The cost of the returned merchandise was $69. It was restored to inventory.
	31		A physical inventory count was taken and determined that there was $6,180 of inventory on hand. Prepare any adjustment required.