Dundas Wholesale Inc. had the following inventory transactions for one month. The company uses a perpetual...

   

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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. July 1 July 5 Opening balance Purchase Purchase July 7 of July 5 items returned July 10 Sale July 12 Purchase July 17 Sale July 24 Purchase # of unit cost or items sale price 45 $30 20 $32 -5 45 $40 25 20 35 $34 $50 $35 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. What is the amount of gross profit on the July 17 sale? A What is the value of the inventory after the July 24 transactio What is the total revenue for the month? A 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) के 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 O if no adjustment is needed. (2 marks) 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. July 1 July 5 Opening balance Purchase Purchase July 7 of July 5 items returned July 10 Sale July 12 Purchase July 17 Sale July 24 Purchase # of unit cost or items sale price 45 $30 20 $32 -5 45 $40 25 20 35 $34 $50 $35 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. What is the amount of gross profit on the July 17 sale? A What is the value of the inventory after the July 24 transactio What is the total revenue for the month? A 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) के 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 O if no adjustment is needed. (2 marks)

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Prepared below is the working of the perpetual inventory balances of Dhundas Wholesale In... View the full answer