Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for businesss expansion, She notices that a few clinic participants wear multiuse (MU) watches. Beyond the normal timekeeping features of mostwatches, MU watches are able to report temperature, altitude, and barometric pressure, MU watches are waterproof, so moisture from kavaking, 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 $298 each. watches are sold for purchases and sales of watches during the second half of 2019. Jul. 17 Purchased 48 watches for $7,104 ($148 per watch) on account Jul. 31 Sold 38 watches for $11,324 cash. Aug. 12 Purchased 38 watches for $6,004 ($158 per watch) cash. count 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 78 watches for $13,104 ($168 per watch) cash. Dec. 4 Purchased 116 watches for $20,648 ($178 per watch) cash. $11,324 on account. Dec. 8 Sold 38 watches References 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 profit