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RWP6-1 (Algo) Great Adventures Continuing Case [The following information applies to the questions alsplayed below.] Now that operations for outdoor cinics and TEAM events are running smoothly, Suze thinks of another area for business expansion. She notices that a few clinic participants wear muttuse (MU) watches. Beyond the normal timekeeping features of most watches, MU watches are able to report temperature, alttude, and barometric pressure. MU watches are waterproot, so moisture from kayaking, rain, fishing. or even diving up to 100 feet won't damage them. Suzle 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 2025 . All watches are sold for $510 each. July 17 Purchased 60 watches for $9,600 ( $160 per watch) on account. July 31 Sold 50 watches for $25,500 cash. August 12 Purchased 50 watches for $8,560 ( $170 per watch) cash. August 22 Sold 40 watches for $28,409 on account. September 19 Paid for watches purchased on July 17. September 27 Receive cash of $15,000 for watches sold on account on August 22. october 27 Purchased 90 watches for $16,200 ( $180 per wateh) cash. November 20 . Sold 180 watches for $51,900 cash. Decenber 4 Purchased 120 watches for $22,800 ( $190 per watch) on account. December 8 Sold 50 watches for $25,500 on account. RWP6-1 (Algo) Great Adventures Continuing Case Part 1 Requlred: 1-a. Calculate sales revenue, cost of goods sold, and ending inventory as of December 31, 2025, assuming Suzle uses a FiFO perpetual inventory system to account for inventory. 1-b. Prepare the gross pront section of a partial income statement for transactions related to MU watches. Complete this question by entering your answers in the tabs below. Calculate sales revenue, cost of goods sold, and ending inventory as of December 31, 2025, assuming suzie uses a fIFO perpetual inventory system to account for inventory. RWP6-1 (Algo) Great Adventures Continuing Case [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 waterproot, so moisture from kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzle decides to have MU watches avallable for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2025 . All watches are sold for $510 each. July 17 Purchased 68 watches for $9,600 (\$160 per watch) on account. July 31 Sold 50 watches for $25,50 cash. August 12 Purchased 50 watches for $8,500 (\$17e per watch) cash. August 22 Sold 40 watches for $20,400 on account. September 19 Paid for watches purchased on July 17. September 27 Recetve cash of $15,090 for watches sold on account on August 22. October 27 Purchased 90 watches for $16,200 (\$180 per wotch) cash. Novenber 20 sold 100 watches for $51,090 cash. Decenber 4 Purchased 120 watches for $22,809 (\$199 per watch) on account. Decesber 8 Sold 50 watches for $25,500 on account. RWP6-1 (Algo) Great Adventures Continuing Case Part 1 Required: 1-0. Calculate sales revenue, cost of goods sold, and ending inventory as of December 31, 2025, assuming Suzle uses a FiFO perpetual inventory system to account for inventory. 1-b. Prepare the gross profit section of a partal income statement for transactions related to MU watches. Complete this question by entering vour answers in the tabs below. Prepare the oross profit section of a partial income statement for transactions related to MU watches. 2. Late in December, the next generation of muitiuse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to 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 MU watches is only $110 per watch. a. Record any necessary adjusting entry on December 31, 2025, related to this information. b. For what amount would MU inventory be reported in the December 31,2025 , balance sheet? c. Prepare an updated gross profit section of a partial income statement accounting for this additional information. Complete this question by entering your answers in the tabs below. Record any necessary adjusting entry on December 31,2025 , related to this information. (If no entry is reguired for a transaction/event. 5elect "No Joumal Entry Required" in the first account field.) Journal entry worksheet Now that operations for outdoor clinics and TEAM events are running smoothly. Suzle thinks of another area for business expansion. She notices that a few cilnic 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 waterproot, so moisture from kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzle decides to have MU watches avallable for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second half of 2025 . All watches are sold for $510each. July 17 Purchased 60 watches for $9,60e ( $160 per watch) on account. July 31501 d 50 watches for $25,500 cash. August 12 Purchased 50 watches for $8,500 (\$17e per watch) cash. August 22 Sold 40 watches for $20,400 on account. Septemben 19 Paa for watches purchased on July 17. Septenber 27 Receive cash of $15,000 for watches sold on account on August 22. October 27 Purchased 90 watches for $16,260 ( $180 per watch) cash. November 20 Sold 100 watches for $51,000 cash. December 4 Purchased 120 watches for $22,800 ( $190 per watch) on account. December 8 Sold 50 watches for $25,500 on account. RWP6-1 (Algo) Great Adventures Continuing Case Part 2 2. Late in December, the next generation of multiuse (MU ii) watches is released. In addition to all of the features of the MU watch. MU II watches are equipped with a global positioning system (GPS) and have the ability to downioad and play songs and videos off internet. The demand for the oniginal MU Watches is greatly reduced. As of December 31 , the estimated net realizable value of MU watches is only $110 per watch. a. Record any necessary adjusting entry on December 31, 2025, related to this information b. For what amount would MU inventory be reported in the December 31,2025 , balance sheet? c. Prepare an updated gross profit section of a partial income statement accounting for this additional information. Complete this question by entering your answers in the tabs below. For what amount would MU inventory be reported in the December 31,2025 , balance sheet? Now that operations for outdoor clinics and TEAM events are running smoothly. Suzle thinks of another area for business expansion. She notices that a few ciinic participants wear multiuse (MU) watches, Beyond the normal timekeeping features of most watches. MU watches are able to report temperature, altutude, and barometric pressure. MU watches are waterproof, so moisture from kayaking, rain, fishing, or even diving up to 100 feet won't damage them. Suzle decides to have MU watches avallable for sale at the start of each clinic. The following transactions relate to purchases and sales of watches during the second haif of 2025 . All watches are sold for $510each. July 17 Purchased 60 watches for $9,600 ( $169 per watch) on account. July 31 Sold 50 watches for $25,500 cash. August 12 Purchased 5a watches for $8,500 ( $170 per watch) cash. August 22 Sold 40 watches for $20,400 on account. September 19 Poid for watches purchased on July 17. Septenber 27 Receive cash of $15, eee for watches sold on account on August 22 . October 27 Purchased 90 watches for $16,200 ( $180 per watch) cash. November 20 Sold 100 watches for $51,000 cash. Decenber 4 Purchased 120 watches for $22,800 ( $190 per watch) on account. Decenber 8 Sold 50 watches for $25,500 on account. RWP6-1 (Algo) Great Adventures Continuing Case Part 2 2. Late in December, the next generation of muituse (MU II) watches is released. In addition to all of the features of the MU watch, the MU II watches are equipped with a global positioning system (GPS) and have the ability to downioad 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 MU watches is only $110 per watch. a. Record any necessary adjusting entry on December 31,2025 , related to this information. b. For what amount would MU inventory be reported in the December 31,2025 , baiance sheet? c. Prepare an updated gross profit section of a partial income statement accounting for this additional information. Complete this question by entering your answers in the tabs below. Prepare an updated gross profit section of a partial income statement accounting for this additional information

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