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 wont 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 August 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 $20,178 ($177 per watch) cash. Dec. 8 Sold 37 watches for $10,989 on account.

00 points 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 profit