Burlington 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. Use an inventory cost chart and an accounting chart to help you analyze these transactions, and then answer the questions below. Number of itemsUnit cost or selling price January 1 Opening balance 40 $20 January 5 Purchase 20 $22 January 7 Purchase of January 5 items returned to supplier 5 January 10Sale 50 $40 January 12Purchase 25 L $24 January 17Sale 201 $50 January 24Purchase 35 $25 How will the January 5 purchase of inventory be recorded? Select all that apply. (2 points) Dincrease Cost of Goods Sold Cincrease Accounts Payable Dincrease Purchases Clincrease Inventory Odecrease Cash Odecrease Cost of Goods Sold How will the January 7 purchase return be recorded? Select all that apply. (2 points) Cdecrease Accounts Payable