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. # of unit cost or items sale price July 1 Opening balance 45 $30 July 5 Purchase 20 $32 July 7 Purchase of July 5 items returned -5 July 10 Sale 45 $40 July 12 Purchase 25 $34 July 17 Sale 20 $50 July 24 Purchase 35 $35 REQUIRED: Use an inventory cost chart and an accounting chart to analyze the above transactions, and then answer the questions below. What amount of cost of goods sold will be recorded on July 10? What is the value of the inventory after the July 10 transaction? What is the gross profit percentage on the July 10 sale? What is the amount of gross profit on the July 10 sale? What is the value of the inventory after the July 12 transaction? What amount of cost of goods sold will be recorded on July 17? What is the value of the inventory after the July 17 transaction? What is the gross profit percentage on the July 17 sale? What is the amount of gross profit on the July 17 sale? What is the value of the inventory after the July 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 $35? Start your answer with a + sign if an increase, a - sign if a decrease, or enter 0 if no adjustment is needed. (2 marks)