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have MU watches available for sale at the start of each clinic. The watches during the second half of 2 0 2 5 . All
have MU watches available for sale at the start of each clinic. The watches during the second half of All watches are sold for $ each. July July August August September September Receive cash of $ for watches sold on account on August october Purchased watches for $ $ per watch cash. November Sold watches for $ cash. December Purchased watches for $ $ per watch on account. December Sold watches for $ on account. Late in December, the next generation of multiuse 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 the estimated net realizable value of MU watches is only $ per watch. a Record any necessary adjusting entry on December related to this information, assuming Suzie uses a FIFO perpetual inventory system to account for inventory. b For what amount would MU inventory be reported in the December 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. Required A Required B Required C Prepare an updated gross profit section of a partial income statement accounting for this additional information.
have MU watches available for sale at the start of each clinic. The watches during the second half of All watches are sold for $ each.
July
July
August
August
September
September Receive cash of $ for watches sold on account on August
october Purchased watches for $ $ per watch cash.
November Sold watches for $ cash.
December Purchased watches for $ $ per watch on account.
December Sold watches for $ on account.
Late in December, the next generation of multiuse 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 the estimated net realizable value of MU watches is only $ per watch.
a Record any necessary adjusting entry on December related to this information, assuming Suzie uses a FIFO perpetual inventory system to account for inventory.
b For what amount would MU inventory be reported in the December 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.
Required A
Required B
Required C
Prepare an updated gross profit section of a partial income statement accounting for this additional information.
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