URGENT!!

Urgent

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. REQUIRED: Use an inventory cost chart and an accounting chart to analyze the above transactions, and then answer the questions below. How should the May 5 transaction be recorded? ( 2 marks) A. increase Purchases, increase Accounts Payable B. increase Inventory, increase Cost of Goods Sold C. increase Inventory, decrease Cash D. increase Purchases, decrease Cash E. increase Purchases, increase Cost of Goods Sold F. increase Inventory, increase Accounts Payable Enter the letter that corresponds to your choice. (A B C D E F) 4 How will the May 7 purchase return be recorded? (2 marks) A. decrease Purchases, decrease Accounts Payable B. decrease Inventory, decrease Cost of Goods Sold C. increase Purchase Returns, decrease Accounts Payable D. decrease Purchases, increase Cash E. decrease Inventory, decrease Accounts Payable F. increase Purchase Returns, increase Cash G. decrease Inventory, increase Cash H. increase Purchase Returns, decrease Cost of Goods Sold Enter the letter that corresponds to your choice. (A B C D E F G H) How will the May 10 sale be recorded? (4 marks) A. increase Sales, increase Cost of Goods Sold, increase Inventory, increase Accoun Receivable B. increase Sales, decrease Cost of Goods Sold, increase Inventory, decrease Accounts Receivable C. decrease Sales, increase Cost of Goods Sold, increase Inventory, decrease Accounts Receivable D. increase Service Revenue, increase Cost of Goods Sold, decrease Inventory, increase Cash E. increase Sales, increase Cost of Goods Sold, decrease Inventory, increase Cash F. increase Sales, decrease Cost of Goods Sold, increase Inventory, decrease Accounts Payable G. increase Sales, increase Cost of Goods Sold, increase Inventory, increase Accounts Payable H. increase Sales, increase Cost of Goods Sold, decrease Inventory, increase Accounts Receivable Enter the letter that corresponds to your choice. (A B C D E F G H) What amount of cost of goods sold will be recorded on May 10 ? What is the value of the inventory after the May 10 transaction? What is the gross profit percentage on the May 10 sale? 44 What is the amount of gross profit on the May 10 sale? A What is the value of the inventory after the May 12 transaction? A What amount of cost of goods sold will be recorded on May 17? A What is the value of the inventory after the May 17 transaction? A What is the gross profit percentage on the May 17 sale? A What is the amount of gross profit on the May 17 sale? A What is the value of the inventory after the May 24 transaction? A What is the total revenue for the month? A What is the total gross profit for the month? (2 marks) A What is the amount of the adjustment that must be made to inventory at the end o 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) A 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) A