Specialty Store uses a periodic inventory system. The following are some invehtory transactions for the month of May: 1. Specialty Store purchased inventory on account for $6,200. Freight charges of $900 were paid in cash. 2. Specialify Store returned some of the inventory purchased in transaction (1). The cost of the inventory was $1,200 and Specialty Store's account was credited by the supplier. 3. Inventory costing $3,400 was sold for $6,400 in cash