RWP6-1 (Algo) Great Adventures Continuing Case Part 1 Required: 1-a. Calculate sales revenue, cost of goods sold, and ending inventory as of December 31, 2025, assuming Suzie uses a FIFC 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. Answer is complete and correct. 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. Answer is not complete. 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. Required information 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 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 $496 each. July17July31August12August22September19September27October27November20December4December8Purchased46watchesfor$6,716($146perwatch)onaccount.Sold36watchesfor$17,856cash.Purchased36watchesfor$5,616($156perwatch)cash.Sold26watchesfor$12,896onaccount.PaidforwatchespurchasedonJuly17.Receivecashof$17,400forwatchessoldonaccountonAugust22.Purchased76watchesfor$12,616($166perwatch)cash.Sold86watchesfor$42,656cash.Purchased112watchesfor$19,712($176perwatch)onaccount.Sold36watchesfor$17,856onaccount. July 17 Purchased 46 watches for $6,716 ( $146 per watch) on account. July 31 Sold 36 watches for $17,856 cash. August 12 Purchased 36 watches for $5,616 (\$156 per watch) cash. August 22 Sold 26 watches for $12,896 on account. September 19 Paid for watches purchased on July 17. September 27 Receive cash of $17,400 for watches sold on account on August 22 . October 27 Purchased 76 watches for $12,616 (\$166 per watch) cash. November 20 Sold 86 watches for $42,656 cash. December 4 Purchased 112 watches for $19,712 ( $176 per watch) on account. December 8 Sold 36 watches for $17,856 on account. 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? RWP6-1 (Algo) Great Adventures Continuing Case Part 1 Required: 1-a. Calculate sales revenue, cost of goods sold, and ending inventory as of December 31, 2025, assuming Suzie uses a FIFC 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. Answer is complete and correct. 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. 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, 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 $96 per watch. a. Record any necessary adjusting entry on December 31,2025 , 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 31,2025 , balance sheet? c. Prepare an updated gross profit section of a partial income statement accounting for this additional information. Record any necessary adjusting entry on December 31,2025 , related to this information, assuming Suzie uses a FIFO perpetual inventory system to account for inventory. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Note: Enter debits before credits