Ancaster Wholesale Inc. had the following inventory transactions for one month. The company uses a perpetual system and FIFO. All purchases and sales are on account. # of unit cost or items sale price May 1 Opening balance 50 $30 May 5 Purchase 25 $32 Purchase May 7 of May 5 items -5 returned May 10 Sale 50 60 May 12 Purchase May 17 Sale May 24 Purchase $40 25 25 $34 20 20 $50 35 35 $35 Use an inventory cost chart and an accounting chart to analyze the above transactions, and then answer the questions below. Where you are asked to enter a percentage, you may enter it in any of several ways. For example, 78 percent can be entered as 78%, .78, 0.78, or 78. Dollar figures should be entered WITHOUT dollar signs, commas, or decimal points. Question 71 (2 points) How will the May 5 purchase of inventory be recorded? Select all that apply. (2 marks) a) increase Inventory b) decrease Cash c) increase Purchases d) increase Cost Of Goods Sold e) increase Accounts Payable f) decrease Cost Of Goods Sold Question 72 (2 points) How will the May 7 purchase return be recorded? Select all that apply. (2 marks) (a) increase Inventory b) decrease Inventory c) decrease Cash d) decrease Accounts Payable e) decrease Purchases f) decrease Cost Of Goods Sold g) increase Cost Of Goods Sold h) increase Purchase Returns uestion 73 (1 point) What is the value of the inventory after the May 7 transaction? A Question 74 (4 points) How will the May 10 sale be recorded? Select all that apply. (4 marks) a) decrease Cost of Goods Sold b) decrease Inventory c) decrease Sales d) decrease Accounts Receivable e) increase Cash Of) increase Sales g) increase Inventory h) decrease Cash i) increase Accounts Receivable j) increase Cost of Goods Sold Question 75 (1 point) What amount of cost of goods sold will be recorded on May 10? A/ Question 76 (1 point) What is the value of the inventory after the May 10 transaction? A/ Question 77 (1 point) What is the gross profit percentage on the May 10 sale? A/ Question 78 (1 point) What is the amount of gross profit on the May 10 sale? Question 79 (1 point) What is the value of the inventory after the May 12 transaction? Question 80 (1 point) What amount of cost of goods sold will be recorded on May 17? A/ Question 81 (1 point) What is the value of the inventory after the May 17 transaction? A/ Question 82 (1 point) What is the gross profit percentage on the May 17 sale? Question 83 (1 point) What is the amount of gross profit on the May 17 sale? Question 84 (1 point) What is the value of the inventory after the May 24 transaction? Question 85 (1 point) What is the total revenue for the month? A/ Question 86 (2 points) What is the total gross profit for the month? (2 marks) P Question 87 (2 points) What is the amount of the adjustment that must be made to inventory at the end of the month if the selling price drops to $20? Start your answer with a + sign if an increase, a-sign if a decrease, or enter O if no adjustment is needed. (2 marks) Question 88 (2 points) What is the amount of the adjustment that must be made to inventory at the end of the month if the selling price drops to $35? Start your answer with a + sign if an increase, a sign if a decrease, or enter 0 if no adjustment is needed. (2 marks) MacBook Pro