help

Required information [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 2022. All watches are sold for $498 each. Jul. 17 Purchased 48 watches for $7,104 ($148 per watch) on account. Jul. 31 Sold 38 watches for $18,924 cash. Aug. 12 Purchased 38 watches for $6,004 ($15B per watch) cash. Aug. 22 Sold 28 watches for $13,944 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $16,200 for watches sold on account on August 22. Oct. 27 Purchased 78 watches for $13, 104 ($168 per watch) cash. Nov. 20 Sold 88 watches for $43,824 cash. Dec. 4 Purchased 116 watches for $20,648 ($178 per watch) on account. Dec. 8 Sold 38 watches for $18.924 on account. 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. 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 Incomo Statement For the Year Ended Docomber 31, 2022 Gross profit 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 $498 each. Jul. 17 Purchased 48 watches for $7,104 ($148 per watch) on account. Jul. 31 Sold 38 watches for $18.924 cash. Aug. 12 Purchased 38 watches for $6,004 ($158 per watch) cash. Aug. 22 Sold 28 watches for $13,944 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $16,200 for watches sold on account on August 22. Oct. 27 Purchased 78 watches for $13,104 ($168 per watch) cash. Nov. 20 Sold 88 watches for $43,824 cash. Dec. 4 Purchased 116 watches for $20,648 ($178 per watch) on account. Dec. & Sold 38 watches for $18,924 on account. 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 I 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. of December 31, the estimated net realizable value of MU watches is only $98 per watch. a. Record any necessary adjustment on December 31, 2022 related to this information. (If no entry is required for transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet