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 $40 May 12 Purchase 25 $34 May 17 Sale 20 May 24 Purchase 35 25 $50 $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. Ma Question 71 (2 points) How will the May 5 purchase of inventory be recorded? Select all that apply. (2 marks) a) decrease Cost Of Goods Sold b) increase Accounts Payable c) increase Cost Of Goods Sold d) decrease Cash e) increase Inventory f) increase Purchases Question 72 (2 points) Question 72 (2 points) How will the May 7 purchase return be recorded? Select all that apply. (2 marks) a) increase Cost Of Goods Sold b) decrease Accounts Payable c) increase Inventory d) decrease Inventory e) increase Purchase Returns f) decrease Cash g) decrease Purchases h) decrease Cost Of Goods Sold Mad Question 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) increase Inventory b) increase Cost of Goods Sold c) decrease Accounts Receivable d) increase Sales e) increase Accounts Receivable f) increase Cash g) decrease Inventory h) decrease Cost of Goods Sold Oi) decrease Sales j) decrease Cash esc MacB 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) 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? E Question 83 (1 point) What is the amount of gross profit on the May 17 sale? Question 83 (1 point) What is the amount of gross profit on the May 17 sale? A 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? Question 86 (2 points) What is the total gross profit for the month? (2 marks) E Question 87 (2 points) What is the amount of the adjustment that must be made to inventory at Me 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 0 if no adjustment is needed. (2 marks) A/ 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) Next Page Submit Quiz 69 of 88 questions saved A Page 7 of 7