[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 $492 each. Jul. 17 Purchased 42 watches for $5,964 ($142 per watch) on account. Jul. 31 Sold 32 watches for $15,744 cash. Aug. 12 Purchased 32 watches for $4,864 ($152 per watch) cash. Aug. 22 Sold 22 watches for $10,824 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $19,800 for watches sold on account on August 22. Oct. 27 Purchased 72 watches for $11,664 ($162 per watch) cash. Nov. 20 Sold 82 watches for $40,344 cash. Dec. 4 Purchased 104 watches for $17,888 ($172 per watch) on account. Dec. 8 Sold 32 watches for $15,744 on account. 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. 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 Sales Revenue Cost of Goods Sold Gross profit