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 $305 each. Jul. 17 Purchased 55 watches for $8,525 ($155 per watch) on account. Jul. 31 Sold 45 watches for $13,725 cash. Aug. 12 Purchased 45 watches for $7,425($165 per watch) cash. Aug. 22 Sold 35 watches for $10,675 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 85 watches for $14,875 ($175 per watch) cash Nov. 20 Sold 95 watches for $28,975 cash. Dec. 4 Purchased 110 watches for $20,350 ($185 per watch) cash Dec. 8 Sold 45 watches for $13,725 on account 4. 1 value: Required information 15.00 points 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 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