Assume a Watercrest Sports outlet store began October 2020 with 47 pairs of water skis that cost the store $38 each. The sale price of these water skis was $67. During October, the store completed these inventory transactions: Oct. 2 Sale 9 Purchase 13 Sale 18 Sale 22 22 Sale Units Unit Cost Unit Sale Price 19 $38 33 83 40 40 28 10 10 38 40 $67 40 67 ge 68 34 40 68 29 Purchase. 24 42 Requirements 28 The preceding data are taken from the store's perpetual inventory records. Which cost method does the store use? Explain how you arrived at your answer. Determine the store's cost of goods sold for October. Also compute gross profit for October. What is the cost of the store's October 31 inventory of water skis? S MARKS 5 MARKS 5 MARKS OPENING COGS QUNATITY PRICE AMT QUNATITY PRICE AMT QUNATITY CLOSING PRICE AMT