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URGENT HELP!! Dundas Wholesale Inc. had the following inventory transactions for one month. The company uses a perpetual system and FIFO. All purchases and sales
URGENT HELP!!
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. REQUIRED: Use an inventory cost chart and an accounting chart to analyze the above transactions, and then answer the questions below. ENTRY RULES: Where you are asked to enter a percentage, enter ONLY the digits. For example, 78 percent must be entered as 78. Do not use a % sign or a decimal point. All such answers will be integers. No rounding is required. What amount of cost of goods sold will be recorded on July 10? A What is the value of the inventory after the July 10 transaction? A What is the gross profit percentage on the July 10 sale? A What is the amount of gross profit on the July 10 sale? A What is the value of the inventory after the July 12 transaction? A What amount of cost of goods sold will be recorded on July 17? A What is the value of the inventory after the July 17 transaction? What is the gross profit percentage on the July 17 sale? A What is the amount of gross profit on the July 17 sale? A What is the value of the inventory after the July 24 transaction? What is the total revenue for the month? A 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)Step by Step Solution
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