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 2022. All watches are sold for $495 each. Jul. 17 Purchased 45 watches for $6,525 ($145 per watch) on account. Jul. 31 Sold 35 watches for $17,325 cash. Aug. 12 Purchased 35 watches for $5,425 ($155 per watch) cash. Aur. 22 Sold 25 watches for $12,375 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $18,000 for watches sold on account on August 22. Oct. 27 Purchased 75 watches for $12,375 ($165 per watch) cash. Nov. 20 Sold 85 watches for $42.875 cash. Dec. 4 Purchased 110 watches for 519,250 ($175 per watch) on account. Dec. 8 Sold 35 watches for $17,325 on account. Required: 1-a. Calculate sales revenue, cost of goods sold, and ending inventory as of December 31, 2022, assuming Suzie uses FIFO to account for inventory Sales Revenue Cast 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 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 $95 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 llat Journal entry worksheet Record the adjustment for inventory. Note: Enter debits before credits. Date Dec 31, 2022 General Journal Debit Credit Record entry Clear entry View general Journal b. For what amount would MU inventory be reported in the December 31, 2022, balance sheet? MU Inventory c. Prepare an updated gross profit section of a partial income statement accounting for this additional information. GREAT ADVENTURES, INC. Partial Income Statement For the Year Ended December 31, 2022 Gross Profit