Required information Great Adventures Problem AP6-1 (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 $505 each. Jul. 17 Purchased 55 watches for $8,525 ($155 per watch) on account. Jul. 31 Sold 45 watches for $22,725 cash. Aug. 12 Purchased 45 watches for $7,425 ($165 per watch) cash. Aug. 22 Sold 35 watches for $17,675 on account. Sep. 19 Paid for watches purchased on July 17. Sep. 27 Receive cash of $12,000 for watches sold on account on August 22. Oct. 27 Purchased 85 watches for $14,875 ($175 per watch) cash. Nov. 20 Sold 95 watches for $47,975 cash. 4 Purchased 110 watches for $20,350 ($185 per watch) on account. 8 Sold 45 watches for $22,725 on account. Dec. Dec. Great Adventures Problem AP6-1 Part 1 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 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 Gross profit 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 list Journal entry worksheet 1 > Record the adjustment for inventory. Note: Enter debits before credits. Date General Journal Debit Credit Dec. 31, 2022 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