S.Claus Company makes toys and gifts. At the beginning of July, it owned 400 gallons of red paint, which were recorded on the balance sheet at $4.40 per gallon. The following events occurred in the next quarter. 1. Purchased 700 gallons on July 1 at $4.25 each. 2. Purchased 200 gallons on August 1 at $4.50 each. 3. Purchased 1000 gallons during September at $4.95 each. 4. Used 1,500 gallons during July through September (250 gallons - 9th July, 600 gallons - 30th August, 650 gallons - 06th September). All the purchases were made at 1st date of the month. Required Calculate the inventory balance at the end of September and the cost of goods sold during these three months, using WACO accounting (at the date of each transaction)