1. Assuming that Bowser Co. uses a FIFO perpetual inventory system to maintain its inventory records, record the transactions.

2.Suppose by the end of October that the remaining inventory is estimated to have a new realizable value per unit of $30. record any necessary adjustment for lower of cost and net realizable value.

3. prepare the top section of the multiple step income statement through gross profit for the month of october after the adjustmnet for lower of cost and net realizable value.

**Note: the last picture I included. the only journal entry that i cant figure out is October 22 for the coat of goods sold

Required information [The following information applies to the questions displayed below.) At the beginning of October, Bowser Co's inventory consists of 64 units with a cost per unit of $36. The following transactions occur during the month of October October 4 Purchase 116 units of inventory on decount from Waluigi Co. for $50 per unit, terms 2/10, n/30. October 5 Pay cash for freight charges related to the October 4 purchase, 5672. October 9 Return 20 defective units from the October 4 purchase and receive credit. October 12 Pay Waluigi Co. in full. October 15 Sell 146 units of inventory to customers on account, $11,680. (Hint: The cost of units sold from the October 4 purchase includes $50 unit cost plus $7 per unit for freight less si per unit for the purchase discount, or $56 per unit. October 19 Receive full payment fron custoners related to the sale on October 15. October 20 Purchase 86 units of inventory from Waluigi Co. for $56 per unit, terms 3/10, n/30. October 22 Sell 86 units of inventory to customers for cash, $6,880. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on October 20.) tes Required: 1. Assuming that Bowser Co. uses a FIFO perpetual inventory system to maintain its inventory records, record the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) points 3. Prepare the top section of the multiple-step income statement through gross profit for the month of October after the adjustment for lower of cost and net realizable value Book Print References BOWSER CO Multiple-step Income Statement (partial) For the month of October Required information Inventory 1.000 4 October 12 4,800 Accounts Payable Cash Inventory 4,704 96 5 October 15 11,680 Accounts Receivable Salos Revenue 11,680 2 6 October 15 6,896 ces Cost of Goods Sold Inventory 6,896 7 October 19 11,680 Cash Accounts Receivable 11,680 2 8 October 20 4,816 Inventory Accounts Payable 4,816 9 October 22 6,880 Cash Sales Revenue 6,880 10 October 22 Cost of Goods Sold 4,888 Inventory 4,888