Johnson Watches Ltd had 300 watches in its July 1 inventory. The company uses the perpetual inventory system and made the following purchases of watches during July and August.

The costs of the 300 watches in the July 1 inventory were 100 units @ \(\$ 18\) and 200 units \(@\) \$19. Sales during July and August were 500 watches and 650 watches, respectively. Required: Calculate the ending inventory and the cost of goods sold for each month.

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Jul. 8 27 Aug. 18 24 840 watches for $20 each 100 watches for $21 each 1850 watches for $22 each 60 watches for $23 each