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 $30 50 | 25 $32 May 1 Opening balance May 5 Purchase Purchase May 7 of May 5 items returned May 10 Sale -5 50 $40 May 12 Purchase 25 $34 May 17 Sale 20 $50 May 24 Purchase 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 52 (4 points) How will the May 10 sale be recorded? Select all that apply. (4 marks) a) increase Cash b) decrease Inventory c) decrease Accounts Receivable d) decrease Cost of Goods Sold e) increase Accounts Receivable f) decrease Sales g) increase Inventory h) increase Cost of Goods Sold i) increase Sales lj) decrease Cash Question 53 (1 point) What amount of cost of goods sold will be recorded on May 10? Question 55 (1 point) What is the gross profit percentage on the May 10 sale? A/ Question 56 (1 point) What is the amount of gross profit on the May 10 sale? A/ Question 57 (1 point) What is the value of the inventory after the May 12 transaction? A/ Question 58 (1 point) What amount of cost of goods sold will be recorded on May 17? A/ Question 59 (1 point) What is the value of the inventory after the May 17 transaction? A