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 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 2019. All watches are sold for $295 each. Jul. 17 Purchased 45 watches for $6,525 ($145 per watch) on account. Jul. 31 Sold 35 watches for $10,325 cash. Aug. 12 Purchased 35 watches for $5,425 ($155 per watch) cash. Aug. 22 Sold 25 watches for $7,375 on account. Sep. 19 Paid for watches ordered on July 17 Sep. 27 Received full payment for watches sold on account on August 22. Oct 27 Purchased 75 watches for $12,375 ($165 per watch) cash. Nov. 20 Sold 85 watches for $25,075 cash. Dec. 4 Purchased 110 watches for $19,250 ($175 per watch) cash. Dec. 8 Sold 35 watches for $10,325 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 FIFO to account for inventory. Sales revenue Cost of goods sold Ending inventory $ 53,100 14,875 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 profit