Required information [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 2025. All watches are sold for $509 each. July 17 July 31 August 12 August 22 Purchased 59 watches for $9,381 ($159 per watch) on account. Sold 49 watches for $24,941 cash. Purchased 49 watches for $8,281 ($169 per watch) cash. Sold 39 watches for $19,851 on account. September 19 Paid for watches purchased on July 17. September 27 Receive cash of $14,400 for watches sold on account on August 22. Purchased 89 watches for $15,931 ($179 per watch) cash. October 27 November 20 December 4 December 8 Sold 99 watches for $50,391 cash. Purchased 118 watches for $22,302 ($189 per watch) on account. Sold 49 watches for $24,941 on account. Required: 1-a. 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. 1-b. Prepare the gross profit section of a partial income statement for transactions related to MU watches. Complete this question by entering your answers in the tabs below. Req 1a Req 1b 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. Sales Revenue Cost of Goods Sold Ending Inventory Rog 1b
Required information [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 2025. All watches are sold for $509 each. July 17 July 31 August 12 August 22 Purchased 59 watches for $9,381 ($159 per watch) on account. Sold 49 watches for $24,941 cash. Purchased 49 watches for $8,281 ($169 per watch) cash. Sold 39 watches for $19,851 on account. September 19 Paid for watches purchased on July 17. September 27 Receive cash of $14,400 for watches sold on account on August 22. Purchased 89 watches for $15,931 ($179 per watch) cash. October 27 November 20 December 4 December 8 Sold 99 watches for $50,391 cash. Purchased 118 watches for $22,302 ($189 per watch) on account. Sold 49 watches for $24,941 on account. Required: 1-a. 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. 1-b. Prepare the gross profit section of a partial income statement for transactions related to MU watches. Complete this question by entering your answers in the tabs below. Req 1a Req 1b 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. Sales Revenue Cost of Goods Sold Ending Inventory Rog 1b
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[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 2025. All watches are sold for $509 each.
July 17
July 31
August 12
August 22
Purchased 59 watches for $9,381 ($159 per watch) on account.
Sold 49 watches for $24,941 cash.
Purchased 49 watches for $8,281 ($169 per watch) cash.
Sold 39 watches for $19,851 on account.
September 19 Paid for watches purchased on July 17.
September 27 Receive cash of $14,400 for watches sold on account on August 22.
Purchased 89 watches for $15,931 ($179 per watch) cash.
October 27
November 20
December 4
December 8
Sold 99 watches for $50,391 cash.
Purchased 118 watches for $22,302 ($189 per watch) on account.
Sold 49 watches for $24,941 on account.
Required:
1-a. 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.
1-b. Prepare the gross profit section of a partial income statement for transactions related to MU watches.
Complete this question by entering your answers in the tabs below.
Req 1a
Req 1b
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.
Sales Revenue
Cost of Goods Sold
Ending Inventory
< Req 1a
Req 1b >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6c6c05ab-ca72-485d-892f-aff89a33421e%2Ff3128c27-85c4-4964-a4dd-9f91cd8f3063%2F8paaea_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[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 2025. All watches are sold for $509 each.
July 17
July 31
August 12
August 22
Purchased 59 watches for $9,381 ($159 per watch) on account.
Sold 49 watches for $24,941 cash.
Purchased 49 watches for $8,281 ($169 per watch) cash.
Sold 39 watches for $19,851 on account.
September 19 Paid for watches purchased on July 17.
September 27 Receive cash of $14,400 for watches sold on account on August 22.
Purchased 89 watches for $15,931 ($179 per watch) cash.
October 27
November 20
December 4
December 8
Sold 99 watches for $50,391 cash.
Purchased 118 watches for $22,302 ($189 per watch) on account.
Sold 49 watches for $24,941 on account.
Required:
1-a. 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.
1-b. Prepare the gross profit section of a partial income statement for transactions related to MU watches.
Complete this question by entering your answers in the tabs below.
Req 1a
Req 1b
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.
Sales Revenue
Cost of Goods Sold
Ending Inventory
< Req 1a
Req 1b >
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