Austin's Jewelers carries a line of waterproof watches. Austin's Jewelers uses the average cost method and a perpetual inventory system. The sales price of each watch is dollar 166 Company records indicate the following activity for waterproof watches for the month of May Requirements Requirement 1. Prepare an inventory subsidiary ledger for the watches on the average cost basis to determine the cost of ending inventory and cost of goods sold for the month. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the inventory subsidiary ledger, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Round average cost per unit to the nearest cent and all other amounts to the nearest dollar) Requirements Prepare an inventory subsidiary ledger for the watches on the average cost basis to determine the cost of ending inventory and cost of goods sold for the month. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. Journalize Austin's Jewelers' inventory transactions using the perpetual average cost method Assume that all purchase and sales are on a account