· Blue Diamond Jewelers, a prominent retail jewelry store, provided the following detailed financial information for the month of January 2023:

• Beginning Inventory: 500 pieces of assorted jewelry valued at $150,000.
• Purchases: Acquired 700 additional pieces of jewelry for $300,000.
• Sales Revenue: Sold 800 pieces of jewelry, generating total sales of $500,000.
• Ending Inventory: 400 pieces of jewelry remaining in stock, valued at $100,000.

Calculate the cost of goods sold using the periodic inventory system, considering both the number of pieces sold and their respective values. After calculating, prepare the necessary journal entry to record the cost of goods sold.