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Hamilton Wholesale Inc. had the following inventory transactions for one month. The company uses a perpetual system and FIFO. All purchases and sales are on
Hamilton 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 30 $15 March 1 Opening balance March 5 Purchase 25 $19 -5 Purchase March 7 of March 5 items returned March 10 Sale 40 $40 March 12 Purchase 20 $22 March 17 Sale 15 $50 March 24 Purchase 25 $24 Use an inventory cost chart and an accounting chart to analyze the above transactions, and then answer the questions below. Where you are asked to enter a percentage, you may enter it in any of several ways. For example, 78 percent can be entered as 78%, .78, 0.78, or 78. Dollar figures should be entered WITHOUT dollar signs, commas, or decimal points. Question 9 (1 point) What is the value of the inventory after the March 12 transaction? Question 10 (1 point) What amount of cost of goods sold will be recorded on March 17? Question 11 (1 point) What is the value of the inventory after the March 17 transaction? A Question 12 (1 point) What is the gross profit percentage on the March 17 sale
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