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Ancaster 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 50 | 25 $32 May 1 Opening balance May 5 Purchase Purchase May 7 of May 5 items returned May 10 Sale -5 50 $40 May 12 Purchase 25 $34 May 17 Sale 20 $50 May 24 Purchase 35 $35 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 49 (2 points) How will the May 5 purchase of inventory be recorded? Select all that apply. (2 marks) a) decrease Cost Of Goods Sold b) increase Accounts Payable c) increase Inventory d) decrease Cash e) increase Purchases f) increase Cost Of Goods Sold Question 50 (2 points) How will the May 7 purchase return be recorded? Select all that apply. (2 marks) a) decrease Accounts Payable b) decrease Cost Of Goods Sold c) decrease Inventory d) increase Inventory e) decrease Cash f) decrease Purchases g) increase Cost Of Goods Sold h) increase Purchase Returns Question 51 (1 point) What is the value of the inventory after the May 7 transaction? A/