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Hamilton 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 30 $15 March 1 Opening balance March 5 Purchase 25 $19 -5 Purchase March 7 of March 5 items returned March 10 Sale 40 $40 March 12 Purchase 20 $22 March 17 Sale 15 $50 March 24 Purchase 25 $24 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 16 (2 points) Saved What is the total gross profit for the month? (2 marks) 1380 A Question 17 (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 $15? Start your answer with a + sign if an increase, a - sign if a decrease, or enter 0 if no adjustment is needed. (2 marks) AJ Question 18 (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 $25? 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

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