Precious Stones Ltd. is a retail jeweler. Most of the firm's business is in jewelry and watches. The firm's average gross profit ratio for jewelry and watches is 73% and 38%, respectively. The sales forecast for the next two months for each product category is as follows: May June Jewelry $187,900 145,500 Watches $88, 400 76,500 The company's policy, which is expected to be achieved at the end of April, is to have ending inventory equal to 180% of the next month's cost of goods sold. Required: a. Calculate the cost of goods sold for jewelry and watches for May and June. (Do not round intermediate calculations.) Jewelry Watches Cost of goods sold for May Cost of goods sold for June b. Calculate a purchases budget, in dollars, for each product for the month of May. (Do not round intermediate calculations.) Jewelry Watches Purchases budget for May