In this part of the final exam, there are 18 questions, worth a total of 26 points. You must answer all of them. When en

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In This Part Of The Final Exam There Are 18 Questions Worth A Total Of 26 Points You Must Answer All Of Them When En 1 (58.05 KiB) Viewed 28 times

In this part of the final exam, there are 18 questions, worth a total of 26 points. You must answer all of them. When entering a number, just the digits - no dollar signs, percent signs, commas, or decimal points, unless instructed otherwise. The 'select all that apply' questions require more than one correct 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. Use an inventory cost chart and an accounting chart to help you analyze these transactions, and then answer the questions below. Numb Unit cost or er of items selling price 40 20 $20 $22 January 1 Opening balance January 5 Purchase Purchase of January January 7 5 items returned to supplier -5 January Sale 50 $40 Purchase 25 $24 10 January 12 January 117 January 24 Sale 20 $50 Purchase 35 $25
How will the January 5 purchase of inventory be recorded? Select all that apply. 12 points) increase Purchases decrease Cost of Goods Sold decrease Cash increase Accounts Payable increase Cost of Goods Sold increase Inventory How will the January 7 purchase retum be recorded? Select all that apply. 12 points) increase Cash decrease Cost of Goods Sold decrease Inventory decrease Accounts Payable increase Purchase Returns increase Cost of Goods Sold What is the value of the inventory after the January 7 transaction? (1 point) How will the January 10 sale be recorded? Select all that apply. (4 points) increase Inventary increase Accounts Receivable decrease Accounts Receivable increase Cost of Goods Sold decrease Cash increaso Salos increase Cash decrease Sales decrease Cost of Goods Sold decrease Inventory What artiount of cost of goods sold will be recorded on January 10? (1 pointi What is the value of the inventory after the January 10 transaction? (1 point) What is the gross profit percentage on the January 10 sale? (1 point) What is the amount of gross profit on the January 10 sale? (1 point) What is the value of the inventory after the January 12 transaction? (1 point) What amount of cost of goods sold will be recorded on January 172 (1 point) What is the value of the inventory after the January 17 transaction? (1 point) What is the gross profit percentage on the January 17 sale? (1 point) What is the amount of gross profit on the January 17 sale? (1 point) What is the value of the inventory after the January 24 transaction? (1 point) What is the total revenue for the month? [1 point) What is the total amount of gross profit for the month? (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? For this question, start your answer with a + sign if an increase, a - sign if a decrease, or enter if no adjustment is needed. (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 $307 For this question, start your answer with a + sign if an increase, a-sign if a decrease, or enter O if no adjustment is needed. (2 points)