In this section, all questions are worth 1 mark unless indicated otherwise. There are 26 marks in total. 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. REQUIRED: Use an inventory cost chart and an accounting chart to analyze the above transactions, and then answer the questions below. ENTRY RULES: Where you are asked to enter a percentage, enter ONLY the digits. For example, 78 percent must be entered as 78. Do not use a \% sign or a decimal point. All such answers will be integers. No rounding is required. Dollar figures should be entered WITHOUT dollar signs, commas, decimal points or pennies. How should the January 5 transaction be recorded? (2 marks) A. increase Inventory, increase Accounts Payable B. increase Purchases, increase Accounts Payable C. increase Inventory, decrease Cash D. increase Purchases, decrease Cash E. increase Inventory, increase Cost of Goods Sold F. increase Purchases, increase Cost of Goods Sold Enter the letter that corresponds to your choice. (A B C D E F) A How will the January 7 purchase return be recorded? (2 marks) A. decrease Purchases, decrease Accounts Payable B. decrease Inventory, decrease Accounts Payable C. increase Purchase Returns, decrease Accounts Payable D. decrease Purchases, increase Cash E. decrease Inventory, increase Cash F. increase Purchase Returns, increase Cash G. decrease Inventory, decrease Cost of Goods Sold 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) A What is the value of the inventory after the January 7 transaction? A How will the January 10 sale be recorded? (4 marks) A. increase Sales, increase Cost of Goods Sold, increase Inventory, increase Accounts 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 Sales, increase Cost of Goods Sold, decrease Inventory, increase Accounts Receivable E. increase Sales, increase Cost of Goods Sold, decrease Inventory, increase Cash F. increase Service Revenue, increase Cost of Goods Sold, decrease Inventory, increase Cash G. increase Sales, increase Cost of Goods Sold, increase Inventory, increase Accounts Payable H. increase Sales, decrease Cost of Goods Sold, increase Inventory, decrease Accounts Payable Enter the letter that corresponds to your choice. (A B C D E F G H) A What amount of cost of goods sold will be recorded on January 10? A What is the value of the inventory after the January 10 transaction? A What is the gross profit percentage on the January 10 sale? A What is the amount of gross profit on the January 10 sale? A What is the value of the inventory after the January 12 transaction? A What amount of cost of goods sold will be recorded on January 17? A What is the value of the inventory after the January 17 transaction? A What is the gross profit percentage on the January 17 sale? A What is the amount of gross profit on the January 17 sale? A What is the value of the inventory after the January 24 transaction? A What is the total revenue for the month? 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) 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 $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) A