Great Adventures Problem 6-1 The following information applies to the questions displayed below 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 mutluse (MU watches Beyond the normal timekeeping features of most watches MU watches are able to report temperature, atitude, and barometric pressure. MU watches are waterproof, 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 2019 All watches are sold for $297 each Jul. 17 Purchased 47 watches for $6,909 ($147 per watch) on account Jul. 31 Sold 37 watches for $10,989 cash Aug. 12 Purchased 37 watches for $5,809 ($157 per watch) cash. Aug. 22 Sold 27 watches for $8,019 on account Sep. 19 Paid for watches ordered on July 17 Sep. 27 Received full payment for watches sold on account on Auigust 22 Oct. 27 Purchased 77 watches for $12,859 ($167 per watch) cash. Nov 20 Sold 87 watches for $25.839 cash Dec. 4 Purchased 114 watches for $20378 ($177 per watch) cash. Dec. 8 Sold 37 watches for $10.989 on account Great Adventures Problem 6-1 Part 1 Required: 1-a. Calculate sales revenue, cost of goods sold, and ending inventory as of December 31, 2019, assuming Suzie uses FiIFO to account for $45,755 Sales revenue Cost of goods sold Ending inventory 1-b. Prepare the gross profit section of a partial income statement for transactions related to MU watches GREAT ADVENTURES, INC. Partial Income Statement For the Year Ended December 31, 2019 Gross proft