Urgent- Thumbs up for the answer

Burlington 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
January 1	Opening balance	40	$20
January 5	Purchase	20	$22
January 7	Purchase of January 5 items returned	-5
January 10	Sale	50	$40
January 12	Purchase	25	$24
January 17	Sale	20	$50
January 24	Purchase	35	$25

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.

How will the January 5 purchase of inventory be recorded? Select all that apply.

a)	decrease Cost Of Goods Sold

b)	increase Cost Of Goods Sold

c)	increase Accounts Payable

d)	increase Inventory

e)	increase Purchases

f)	decrease Cash

How will the January 7 purchase return be recorded? Select all that apply.

a)	decrease Cash

b)	increase Inventory

c)	decrease Accounts Payable

d)	increase Purchase Returns

e)	decrease Cost Of Goods Sold

f)	decrease Purchases

g)	increase Cost Of Goods Sold

h)	decrease Inventory

What is the value of the inventory after the January 7 transaction?

How will the January 10 sale be recorded? Select all that apply.

a)	decrease Inventory

b)	increase Cash

c)	increase Sales

d)	increase Accounts Receivable

e)	increase Inventory

f)	decrease Cost of Goods Sold

g)	decrease Accounts Receivable

h)	increase Cost of Goods Sold

i)	decrease Sales

j)	decrease Cash

What amount of cost of goods sold will be recorded on January 10?

What is the value of the inventory after the January 10 transaction?

What is the gross profit percentage on the January 10 sale?

What is the amount of gross profit on the January 10 sale?

What is the value of the inventory after the January 12 transaction?

What amount of cost of goods sold will be recorded on January 17?

What is the value of the inventory after the January 17 transaction?

What is the gross profit percentage on the January 17 sale?

What is the amount of gross profit on the January 17 sale?

What is the value of the inventory after the January 24 transaction

What is the total revenue for the month?

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 $30?

Start your answer with a + sign if an increase, a - sign if a decrease, or enter 0 if no adjustment is needed. (2 marks)