Check m 15 Required information The following information applies to the questions displayed below Part 1 of 2 Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business 6.25 points expansion. She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal of most watches, M., watches are able to report temperature, altitude, and barometric pressure. MU watches are t, so molsture from kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2022. All watches are sold for $508 each. Jul. 17 Parchased 58 vatches for $9,164 ($158 per watch) on aceount ul. 31 Sold 48 watches for $24,384 cash Aug. 12 Purchased 48 watches tor $8,064 (168 per vateh) eash. Aug- 22 Sold 38 vatehes for $19,304 on ecoount Sep. 19 Paid for watehes purebaned os July 17 Sep. 27 Receive cash of $13, 800 for vatches sold on account on August 22 oct. 27 Purchased 80 watches tor 15,664 (8178 per vatch) eash. Nov. 20 Sold 98 vatches for $49,784 canh ec 4 Purchased 116 watches for $21,808 (188 per vateh) on account bec. 8Sold 48 vatches for $24,384 on aceount Print Roferences Required: l-a. Calculate sales revenue, cost of goods sold, and ending inventory as of December 31,2022, assuming Suzie uses FiFO to account for inventory Help Save & Exit Submit Great Adventures Check my work Required 1-a. Calculate sales revenue, cost of goods sold, and ending inventory as of December 3,2022, assuming Suzie uses FIFO to account for inventory Part 1 of 2 Sales Revenue Cost of Goods Sokd Ending 6 25 Print leces1 1-b. Prepare the gross profit section of a partial income statement for transactions related to MU watches. Parsal Iscome Statement For the Year Ended December 31, 2022 Oross profi 0 Required information The following information applies to the questions displayed below. Part 2 of 2 Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion. She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are waterproof, so moisture from kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzie decides to have MU watches available for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2022. All watches are sold for $508 each 6.25 points Jul. 17 Purehased 58 watches for $9,164 ($158 per wateh) on account. ul. 31 Sold 48 watches for $24,384 cash. Aug. 12 Purchased 48 vatches for $8,064 ($168 per watch) cash. Aug. 22 Sold 38 watches for s19,304 on account ep. 19 Paid for watches purchased on July 17 Sep. 27 Receive cash of $13,800 for watehes sold on account on August 22 Oet. 27 Purchased 88 watehes for $15,664 ($178 per watch) cash. Nov 20 Sold 98 vatchen for $49,784 cash Dec. 4 Purchased 116 watehes for $21,808 ($188 per watch) on account Dec. Sold 48 watehes for $24,384 on account References 2. Late in December, the next generation of multiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to download and play songs and videos off the Internet. The demand for the original MU watches is greatly reduced. As of December 31, the estimated net realizable value of MU watches is only $108 per watch. a. Record any necessary adjustment on December 31, 2022, related to this information. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Part 2 of 2 View transaction list Journal entry worksheet 6.25 points eBook Record the adjustment for inventory Print Note: Enter debits before credits Date DebitCredit Dec. 31, 2022 K Prev 16 o16 Noxt Great Adventures Saved Help Required information b. For what amount would MU inventory be reported in the December 31, 2022, balance sheet? Part 2 of 2 6.25 points Book Print References c. Prepare an updated gross profit section of a partial income statement accounting for this additional information GREAT ADVENTURES, INC. Partial Income Statement For the Year Ended December 31, 2022 Gross Proft