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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 Opening July 1 45 $30 balance July 5 Purchase 20 $32 Purchase July 7 of July 5 -5 items returned July 10 Sale 45 $40 July 12 Purchase 25 $34 July 17 Sale 20 $50 July 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 65 (1 point) What is the amount of gross profit on the July 17 sale? A/ Question 66 (1 point) What is the value of the inventory after the July 24 transactio A Question 67 (1 point) What is the total revenue for the month? A/ Question 68 (2 points) What is the total gross profit for the month? (2 marks) A/ Question 69 (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) Question 70 (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) AM Previous Page Next Page Page 5 of 7 Submit Quiz 73 of 88 questions saved