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 $10,400; Accounts Receivable $3,600; Inventory $5,200; Common Shares $11,200; and Retained Earnings $8,000. Piper Specialty has experienced a return rate of 2% of sales and uses a perpetual inventory system. 1 May 3 4 7 8 9 11 14 Purchased merchandise on account from Depot Wholesale Supply Ltd. for $7,040, terms 1/10, n/30, FOB shipping point. Freight charges of $188 were paid by the appropriate party on the merchandise purchased on May 1. Sold merchandise on account to Yip Company for $5,200, terms n/30, FOB destination. The cost of the merchandise was $4,100. Freight charges of $120 were paid by the appropriate party on the May 4 sale. Received a $140 credit from Depot Wholesale Supply when merchandise was returned. Paid Depot Wholesale Supply in full. Purchased supplies for $560 cash. Received payment in full from Yip Company for merchandise sold on account on May 4. Collected $1,280 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 $4,000, terms n/30, FOB destination. Freight of $64 was paid by the appropriate party on the May 18 purchase of merchandise. Sold merchandise to various customers for $10,000 cash. The cost of the merchandise was $5,500. Paid a $128 cash refund to customers for returned merchandise. The cost of the returned merchandise was $72. It was restored to inventory. A physical inventory count was taken and determined that there was $6,480 of inventory on hand. Prepare any adjustment required. 15 18 21 22 29 31 Prepare a partial multiple-step statement of income for the month ended May 31, through to gross profit. Piper Specialty Store Ltd. Statement of Income (Partial) Month Ended May 31, 2021 V Gross profit ta