Question 7 (9 marks) Crafts Pty Ltd is a retail firm selling handmade crafts. A system of perpetual inventory is employed. The following information has been extracted from records of Crafts Pty Ltd for one of its inventories of silk scarf. Ignore GST and narration. Quantity Unit cost Date 1/07 6/07 16/07 17/07 29/07 30/07 Transaction Beginning balance Purchases Sold @$150/unit * Purchases Sales @ $150/unit * Sales Return *Note: $150 is the sales price per unit, not the cost of each unit Required: a) Complete the inventory stock record below to calculate the cost of inventory on hand at 31 July and the cost of sales for the month of July, assuming the FIFO method is used. (Write your answer in the table provided in the question paper) (7 marks) b) Compare the perpetual inventory system and the periodic inventory system as a control device. (2 marks) Date Units Purchases Unit | Total Cost $ Cost of Goods Sold Units Unit Total Cost $ Units Balance | Unit | Total Cost $ 01/07 6/07 16/07 17/07 29/07 30/07 Total COGS Ending Inventory