Dundas 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. How should the July 5 transaction be recorded? (2 marks) A. increase Purchases, increase Accounts Payable B. increase Inventory, increase Cost of Goods Sold C. increase Inventory, increase Accounts Payable D. increase Purchases, decrease Cash E. increase Purchases, increase Cost of Goods Sold F. increase Inventory, decrease Cash Enter the letter that corresponds to your choice. (A B C D E F) A How will the July 7 purchase return be recorded? (2 marks) A. decrease Purchases, decrease Accounts Payable B. decrease Inventory, decrease Accounts Payable C. increase Purchase Returns, decrease Accounts Payable D. decrease Purchases, increase Cash E. decrease Inventory, decrease Cost of Goods Sold F. increase Purchase Returns, increase Cash G. decrease Inventory, increase Cash H. increase Purchase Returns, decrease Cost of Goods Sold Enter the letter that corresponds to your choice. (A B C D E F G H) A What is the value of the inventory after the July 7 transaction? A How will the July 10 sale be recorded? (4 marks) A. increase Sales, increase Cost of Goods Sold, increase Inventory, increase Accounts Receivable B. increase Sales, decrease Cost of Goods Sold, increase Inventory, decrease Accounts Receivable C. decrease Sales, increase Cost of Goods Sold, increase Inventory, decrease Accounts Receivable D. increase Service Revenue, increase Cost of Goods Sold, decrease Inventory, increase Cash E. increase Sales, increase Cost of Goods Sold, decrease Inventory, increase Cash F. increase Sales, decrease Cost of Goods Sold, increase Inventory, decrease Accounts Payable G. increase Sales, increase Cost of Goods Sold, decrease Inventory, increase Accounts Receivable H. increase Sales, increase Cost of Goods Sold, increase Inventory, increase Accounts Payable Enter the letter that corresponds to your choice. (A B C D E F G H) A What is the amount of gross profit on the July 17 sale? A. What is the value of the inventory after the July 24 transaction? A. What is the total revenue for the month? A What is the total gross profit for the month? (2 marks) A