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Please help with 1a and 1b as soon as possible! Thanks!! Required information [The following information applies to the questions displayed below.] Now that operations
Please help with 1a and 1b as soon as possible! Thanks!!
Required information [The following information applies to the questions displayed below.] 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 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 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 $495 each. July 17 Purchased 45 watches for $6,525 (\$145 per wateh) on account. July 31 sold 35 watehell for $17,325 eash. August 12 Purchased 35 watehen for $5,425 (\$155 per wateh) eash. August 22 Bold 25 watehes for $12,375 on account. September 19 paid for watches purehased on July 17. September 27 Recelve cash of 518,000 for watehes oold on aceount on Auguat 22. ootober 27 Purehased 75 watehes for $12,375 ( 5165 per wateh) cash. Hovezber 20 sold is vatches for 542,075 cash. December 4 Turehased 110 vatehen for $19,250 (\$175 per vateh) on account. December 8 sold 35 watehes for 517,325 on account. Required: 1-3. 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. 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. 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. 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. Prepare the gross profit section of a partial income statement for transactions related to MU watches Step by Step Solution
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