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.

		# of	unit cost or
		items	sale price
January 1	Opening balance	40	$20
January 5	Purchase	20	$22
January 7	Purchase of January 5 items returned	-5
January 10	Sale	50	$40
January 12	Purchase	25	$24
January 17	Sale	20	$50
January 24	Purchase	35	$25

Question 29 options:

What is the gross profit percentage on the January 10 sale?

Question 30 options:

What is the amount of gross profit on the January 10 sale?

Question 31 options:

What is the value of the inventory after the January 12 transaction?

Question 32 options:

What amount of cost of goods sold will be recorded on January 17?

_{Question 33 options:}

What is the value of the inventory after the January 17 transaction?

Question 34 options:

What is the gross profit percentage on the January 17 sale?

Question 35 options:

What is the amount of gross profit on the January 17 sale?

Question 36 options:

What is the value of the inventory after the January 24 transaction?

Question 37 options:

What is the total revenue for the month?

Question 38 options:

What is the total gross profit for the month? (2 marks)

Question 39 options:

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)

Question 40 options:

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 $30?

Start your answer with a + sign if an increase, a - sign if a decrease, or enter 0 if no adjustment is needed. (2 marks)