Perfectual

Great Adventures Problem 6-1 The following information applies to the questions displayed belowJ 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 2019. All watches are sold for $296 each Jul. 17 Purchased 46 watches for $6,716 ($146 per watch) on account. Jul. 31 Sold 36 watches for $10,656 cash. Aug. 12 Purchased 36 watches for $5,616 ($156 per watch) cash. Aug. 22 Sold 26 watches for $7,696 on account. Sep. 19 Pald for watches ordered on July 17 Sep. 27 Recelved full payment for watches sold on account on August 22 Oct. 27 Purchased 76 watches for $12,616 ($166 per watch) cash. Nov. 20 Sold 86 watches for $25,456 cash Dec. 4 Purchased 112 watches for $19,712 ($176 per watch) cash. Dec. 8 Sold 36 watches for $10,656 on account 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. 54,464 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 Sales revenue $ 54,464 Cost of goods sold Gross profit