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 2013. All watches are sold for $300 each.
Jul. 17 Purchased 50 watches for $7,500 ($150 per watch) on account.
Jul. 31 Sold 40 watches for $12,000 cash.
Aug. 12 Purchased 40 watches for $6,400 ($160 per watch) cash.
Aug. 22 Sold 30 watches for $9,000 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 80 watches for $13,600 ($170 per watch) cash.
Nov. 20 Sold 90 watches for $27,000 cash.
Dec. 4 Purchased 100 watches for $18,000 ($180 per watch) cash.
Dec. 8 Sold 40 watches for $12,000 on account.
Calculate sales revenue, cost of goods sold, and ending inventory as of December 31, 2013, assuming Suzie uses FIFO to account for inventory.