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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 wont 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 $310 each.

Jul. 17 Purchased 60 watches for $9,600 ($160 per watch) on account. Jul. 31 Sold 50 watches for $15,500 cash. Aug. 12 Purchased 50 watches for $8,500 ($170 per watch) cash. Aug. 22 Sold 40 watches for $12,400 on account. Sep. 19 Paid for watches ordered on July 17. Sep. 27 Received full payment for watches sold on account on August 22. Oct. 27 Purchased 90 watches for $16,200 ($180 per watch) cash. Nov. 20 Sold 100 watches for $31,000 cash. Dec. 4 Purchased 120 watches for $22,800 ($190 per watch) cash. Dec. 8 Sold 50 watches for $15,500 on account.

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 tatement for transactions related to MU watches. GREAT ADVENTURES, INC Partial Income Statement For the Year Ended December 31, 2019 Gross proft