VERY VERY URGENT, PLEASE SOLVE ASAP!!
Flamboro 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 August 1 Opening balance 60 $18 August 5 Purchase 40 $20 Purchase August 7 of August 5 -5 items returned August 10 Sale 75 $40 August 12 Purchase 25 $24 August 17 Sale 20 $50 August 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. Question 10 (2 points) How will the August 5 purchase of inventory be recorded? Select all that apply. (2 marks) a) increase Cost Of Goods Sold b) increase Purchases c) decrease Cash d) decrease Cost Of Goods Sold e) increase Accounts Payable Of) increase Inventory Question 11 (2 points) How will the August 7 purchase return be recorded? Select all that apply. (2 marks) a) increase Inventory b) increase Purchase Returns c) increase Cost Of Goods Sold d) decrease Inventory e) decrease Accounts Payable f) decrease Purchases g) decrease Cash h) decrease Cost Of Goods Sold Question 12 (1 point) What is the value of the inventory after the August 7 transaction? A How will the August 10 sale be recorded? Select all that apply. (4 marks) a) decrease Inventory b) increase Sales c) increase Accounts Receivable d) increase Cost of Goods Sold Oe) increase Cash f) decrease Cash g) decrease Cost of Goods Sold h) decrease Accounts Receivable i) increase Inventory Oj) decrease Sales Question 14 (1 point) What amount of cost of goods sold will be recorded on August 10? A/ Question 15 (1 point) What is the value of the inventory after the August 10 transaction? A/ Question 16 (1 point) What is the gross profit percentage on the August 10 sale? A Question 17 (1 point) What is the amount of gross profit on the August 10 sale? Question 18 (1 point) What is the value of the inventory after the August 12 transaction? A Question 19 (1 point) What amount of cost of goods sold will be recorded on August 17? A/ Question 20 (1 point) What is the value of the inventory after the August 17 transaction? A Question 21 (1 point) What is the gross profit percentage on the August 17 sale? Question 22 (1 point) What is the amount of gross profit on the August 17 sale? A/ Question 23 (1 point) What is the value of the inventory after the August 24 transaction? A/ Question 24 (1 point) What is the total revenue for the month? A/ Question 25 (2 points) What is the total gross profit for the month? (2 marks) Question 26 (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 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 $30? 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/
