I cannot figure out part C of this equation, ive tried as much as I know and tried using an almost identicle problem as an example but i feel as im missing a crutial step.

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 $500 each Jul. 17 Purchased 50 watches for $7.500 (5150 per watch) on account. Jul. 31 Sold 40 watches for $20,000 cash Aug. 12 Purchased 40 watches for $6,400 (5160 per watch) cash. Aug. 22 Sold 30 watches for 515,000 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of 59,000 for watches sold on account on August 22 Oct. 27 Purchased 30 watches for $13,600 (5170 per watch) cash Nov. 20 Sold patches for $45,000 cash Dec. 4 Purchased 100 watches for $18,000 ($130 per watch) on account Dec 8. Sold 40 watches for $20,000 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. As of December 31, the estimated net realizable value of MU Watches is only $100 per watch o. Record any necessary adjustment on December 31, 2022 related to this information (if no entry is required for e transactionevent, select "No Journal Entry Required" in the first account field.) Answer is complete and correct. No General Journal Credit Dec 31, 2022 Cost of Goods Sold 5.600 Inventory 5.600 Debit Date 1 O b. For what amount would MU inventory be reported in the December 31, 2022 balance sheet? Answer is complete and correct. MU Inventory $ 7.000 c. Prepare an updated gross profit section of a partial income statement accounting for this additional information Answer is complete but not entirely correct. GREAT ADVENTURES, INC. Partial income Statement For the Year Ended December 31, 2022 Sales Revenue is 100,000 Cost of Goods Sold 44.100 S 55.900 Gross Profit