Garret's Corner, Inc., carries a line of titanium watches. Garret's Corner, Inc., uses the average cost method and a perpetual inventory system. The sales price of each watch is $200. Company records indicate the following activity for watches for the month of July: (Click the icon to view the records.) Read the requirements. Requirement 1. Prepare a perpetual inventory record 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 perpetual record, 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.) Avg Cost: Purchases Cost of goods sold Inventory on hand Unit Total Unit Total Unit Total Date Qty Cost Cost Qty Cost Cost Qty Cost Cost Jul 1 Requirements 1. Prepare a perpetual inventory record 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. 2. Journalize the inventory transactions for Garret's Corner, Inc., using the perpetual average cost method. Assume all purchases and sales are on account. Print Done Data table Date Jul Item Quantity Unit Cost 1 Balance 7 $ 102 7 Purchase 14 $ 104 11 Sale 18 19 Purchase 16 105 28 Sale 8 Print Done - X