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

What amount of cost of goods sold will be recorded on January 10?

What is the value of the inventory after the January 10 transaction?

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

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

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

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

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

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

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

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

What is the total revenue for the month?

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

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)

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)