Required information Great Adventures Problem AP6-1 {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 $504 each. Jal. 17 Purchased 54 watches for $9,316 (5154 per vatch) on account. Jol. 31 Sold 44 watches for $22,176 cash. Aug, 12 Purchased 44 watches for $7.216 (5164 per vatch) cash. Aug. 22 Sold 34 watches for $17,136 on account. Sep 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $11.400 for watches sold on account on August 22 Oct. 27 Purchased 34 watches for $14,616 (517 per watch) cash. Nov. 20 Sold 96 watches for $47,376 cash Dec. Purchased 101 watches for 519,872 (5184 per watch) on account. Dec. Sold 44 watches for $22,176 on account Great Adventures Problem AP6-1 Part 1 Required: 1-a. Calculate sales revenue, cost of goods sold, and ending inventory as of December 31, 2022, assuming Suzle uses FIFO to account for inventory 108,8641 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, 2022 Gross profit 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 II 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 $104 per watch a. Record any necessary adjustment on December 31, 2022 related to this information. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet