Question 6 of 7 072 View Policies Show Attempt History Current Attempt in Progress Your answer is incorrect. Perth Emporium is a gift shop situated in a small fishing village. The business carries a range of merchandise that it accounts for under the perpetual method. Cost is assigned using the FIFO cost formula. All purchases are on FOB shipping terms, with 30 days credit. The end of the reporting period is 30 June. The following information lists the transactions during October 2019 for one item of inventories (wall plaques): Date Detail Number Unit cost Oct. 1 Opening balance 46 5.80 4 4 Purchase 47 7.10 8 Sale 61 11 Purchase 70 6.60 14 Purchase return 10 6.60 19 Sale 71 24 Sale return (on 19 Oct. sale) 5 28 Purchase 37 6.40 For the inventories item (wall plaques), calculate October's cost of sales expense and the cost of inventories on hand at 31 October 2019. (Enter your answers to the nearest cent.) October's cost of sales expense $ $ Cost of inventories on hand at 31 October 2019 Save for Later Attempts: 1 of 3 used Submit