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. ain 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 $295 each. Jul. 17 Purchased 45 waenesors6,525 ($145 per watch) on account Aug. 12 Purchased 35 watches for $5,425 ($155 per watch) cash Aug. 22 Sold 25 watches for $7.375 on account. Sep. 19 Paid for watches ordered on July 17 Sep. 27 Received full payment for watches sold on account on August 22. ($165 per watch) cash. Nov. 20 Sold 85 watches for $25,075 cash. Dec. 4 Purchased 110 watches for $19,250 ($175 per watch) cash. Dec. 8 Sold 35 watches for $10,325 on account. Required information You did not receive full credit for this question in a previous attempt 100 points 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 2. Late in December, the next generation of multiuse (MU II) watches (GPS) and have the ability MU watches is only $95 per watch f the MU watch, the MU II watches are equipped with a global positioning system 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 released. In addition to all of the features this information. (If no entry is required for a transaction/event, select "No journal entry required" in the first account a. Record any necessary adjustment on December 31, 2019, related field.) View transaction list Journal entry worksheet 1 Record the adjustment for inventory. Note: Enter debits before credits. General Journal Date Debit Credit Dec. 31, 2019 Record entry Clear entry View general journal b. For what amount would MU inventory be reported in the December 31, 2019, 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, 2019 Gross profit