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In this section, all questions are worth 1 mark unless indicated otherwise. 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 45 $30 Opening balance Purchase July 5 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 Question 15 (1 point) What amount of cost of goods sold will be recorded on July 10? A Question 16 (1 point) What is the value of the inventory after the July 10 transaction? A/ Question 17 (1 point) What is the gross profit percentage on the July 10 sale? A Question 18 (1 point) What is the amount of gross profit on the July 10 sale? A/ Question 19 (1 point) What is the value of the inventory after the July 12 transaction? A/ Question 20 (1 point) What amount of cost of goods sold will be recorded on July 17? A/ Question 21 (1 point) What is the value of the inventory after the July 17 transaction? Question 22 (1 point) What is the gross profit percentage on the July 17 sale? Question 23 (1 point) What is the amount of gross profit on the July 17 sale? A/ Question 24 (1 point) What is the value of the inventory after the July 24 transaction? A Question 25 (1 point) What is the total revenue for the month? Question 26 (2 points) What is the total gross profit for the month? (2 marks) A Question 27 (2 points) 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 O if no adjustment is needed. (2 marks) A Question 28 (2 points) 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 O if no adjustment is needed. (2 marks) A