Record each using the perpetual method

7-2. Sale of inventory. Now that New Sales has goods on hand, the company can start providing merchandise to customers. The following transactions occurred in the month of May. Complete parts a, b, and May 15 Sold inventory that had cost us $300 for $525 on account. Freight to get the merchandise to our customer cost us $50. May 20 Accepted a return of merchandise which was the wrong color for the customer. We had sold the merchandise for $72; our cost was $56. May 29 Shipped merchandise that had cost us $790 to a customer for $1,050. The customer agreed to pay us in 30 days. May 30 Received a check for the May 15 sale. a. Record the transactions above using the periodic inventory system. b. Record the transactions using the perpetual inventory system. Perpetual Inventory Entries: c. What information can you get from the periodic system that you cannot get from the perpetual system? What information can you get from the perpetual system that you cannot get from the periodic system