Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion. She notices thata few clinic participants wear multiuse (MU) watches. Beyond the normal o moisture from kayaking, rain, fishing, or even diving up to 100 feet won't $290 timekeeping features of most watches, MU watches are able to report temperature, altitude, and barometric pressure. MU watches are waterproof them, Suzie decides to heve MU watches aveilable . eale t the start of each clinic. The following transections relate to purcheses and sales of watches during the second half of 2019. All watches are sold sach Jul. 17 Purchased 40 watches far $5,600 ($140 per watch) on account. 13 Purehased 30 watches for $4 50o ($150 per watch) cash Aug. 22 Sold 20 watches for $5,800 on account Sep 19 Paid watches ordlered on July 17. account on August 22. per wetch) cesh Sep. 27 Receved Tull paymeht for watehes soldd Nov 20 Sold 80 watches for $23.200 cash Dec. 4 Purchased 100 watches for $17,000 ($170 per watch) cash. Dec. 8 Sold 30 watches for $8,700 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 46,400 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