6/6 c

Problem 6-6A (Algo) Record transactions using a perpetual system, prepare a partial income statement, and adjust for the lower of cost and net realizable value (LO6-2, 6-3, 6-4, 6-5, 6-6) At the beginning of October, Bowser Company's inventory consists of 52 units with a cost per unit of $48. The following transactions occur during the month of October. October 5 pay cash for freight charges related to the october 4 purchase, $826. Oetober 9 Return 10 defective units from the oetober 4 purchase and receipt of credit. october 22 Pay Waluigi Company in full. $56 per unit.) October 19 Receive tul2 payment from customers related to the sale on october 15 . October 20 Purchase 98 units of inventory from Haluiqi Company for $68 per unit. October 225 el1 98 units of inventory to custotners for cash, $7,840. Required: 1. Assuming that Bowser Company 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 net realizable value per unit of $35. Record any necessary adjusting entry 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 adjusting entry for lower of cost and net realizable value. Complete this question by entering your answers in the tabs below. Prepare the top section of the multiple-step income statement through gross profit for the month of October after the adjusting entry for lower of cost and net realizable value