Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May: Specialty Store purchased inventory on account for $5,000. Freight charges of $300 were paid in cash. Specialty Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $600 and Specialty Stores account was credited by the supplier. Inventory costing $2,800 was sold for $5,200 in cash