Required information [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 2025 . All watches are sold for $500each. July 17 Purchased 50 watches for $7,500 ( $150 per wateh) on account. July 31 Sold 40 watchen for $20,000 cash. August 12 Purchased 40 watches for $6,400 (\$160 per wateh) eash. August 22 Sold 30 watches for $15,000 on sccount. september 19 Paid for watches purchased on July 17 , September 27 Receive cash of $9,000 for vatobes sold on aceount on Auguat 22 . October 27 Purchased 80 vatches for $13,600 (\$170 per watch) cash. November 20 sold 90 vatehes for $45,000 cash. December 4 Purchased 100 watchen for $18,000 (\$180 per wateh) on account. December a sold 40 watches for $20,000 on account. Required: 1-a. Calculate sales revenue, cost of goods sold, and ending inventory as of December 31, 2025, assuming Suzie uses a FIFO perpetual inventory system to account for inventory. 1-b. Prepare the gross profit section of a partial income statement for transactions related to MU watches. Complete this question by entering your answers in the tabs below. Calculate sales revenue, cost of goods sold, and ending inventory as of December 31, 2025, assuming Suzie uses a FIFO perpetual inventory system to account for inventory. Complete this question by entering your answers in the tabs below. Prepare the gross profit section of a partial income statement for transactions related to MU watches