Problem 5-3A Singh Distributing Company uses the perpetual inventory system and engaged in theoumalicing purdha following transactions during May of the current year transactions under inventory system May 3 Purchased office supplies for cash, $22,000. Purchased inventory on credit terms of 3/10, net eom, $76,000. 8 7 2. Inventory baland Returned 25 percent of the inventory purchased on May 7. It was not the inventory ordered