Great Adventures AP 6-1

Required information Great Adventures Problem AP6-1 [The following information applles to the questions displayed below.] Now that operations for outdoor clinics and TEAM events are running smoothly, Suzle 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 temperoture, alttude, 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 $493 each. Ju1. 17 Purchased 43 watches for $6,149($143 per watch) on account. Ju1. 31 sold 33 vatchen for $16,269 cash. Aug. 12 purchased 33 watches for $5,049 (\$153 per wateh) eash. Aug. 22 sold 23 vateben for $11,339 on secount. Sep. 19 Paid for watches parchased on July 17. Sep. 27. Heceive cash of 519,200 for watehes nold on account on Mugust. 22. Qet. 27 Purehased 73 watches for $11,699 (\$163 por watch) cash. Hov. 20 soid a3 watehen for 540,919 canh. Dec. I Furchased 106 vatehes for $10,338(5173 per wateh) on account. bec. B sold 33 watches for $16,269 on account. Great Adventures Problem AP6-1 Part 1 Required: 1-a. Calculate sales revenue, cost of goods sold, and ending inventory as of December 31, 2022, assuming suzie uses FIFO to account for inventory. 1.b. Prepare the gross profit section of a partial income statement for transactions related to MU watches