7-6b

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 imventory consists of 52 units with a cost per uni of $48. The following transactions occur during the month of Octobet: Gctober 4 Purchane 126 units of inventory on account frce waluigi conpany for $50 per usit, tefna 2/16, a/Je. Octobet 5 Pky canh ter freight charges related to the october 4 purchase, 5026 . Dctober 9 leturs 10 defective units fron the ootober 4 Frrehase and receipt of eredit. Detober 12 Pay Kalulgi Conpany in full. october 15 sel1 15k uniti of inventory to cuntoners on aceount, $12,640, (Rint; The eost of unita sold from ehe oetober 4 purchase ineluden $50 unit cont plus $7 per unit for frnight less 61 per unit for the purchase ilmoount, or \$56. per enit.-) October is Meceive fall paynent fron customern related to the sale on oetober 15 . October 20 Parchase 98 unita of inventory fron Maluigi Conpany for $68 per usit. Oetober 22 se.1 98 unita of inventory to eustomers for cauh, $7,840. Required: 1. Assuming that Bowser Company uses o fIFO perpetual inventory system to maintoin 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. Assuming that Bowser Company uses a FIFO perpetual inventory system to maintain its inventory records, record the transactions. (it no entry b required for a tronsaction/event, select "No Journal Entry Required" in the frst account field.] Journal entry worksheet 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 imventory consists of 52 units with a cost per init of 548 . The following transactions occur during the month of October. October 9 Peturn 10 defective unite Iron the october 4 pwrchase and receipt of eredit, Gotober 12 Pay waluigi conpuny in full. Detober 15 sell ist vilta of Inventory to customers on aceount, 512,640 , (irint, The eost of anitt sold fres the Geteber 4 purchare ineledet 450 unit cont plun $7 por unit for freight less 1i per walt for the purehsse discoate, ar (5s per unitst Oetober 19 meceive full psyment fron ewstoeere related to the sale on october 15 . October 20 Purchase 98 units of investory fron Walaigi Coepany tor 760 pet anit. Detober 225022 sk units of inventory to cuntemers for canh, $7,540. 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 535 . Record ary 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 Octcber after the adjusting entry for lower of cost and net realicable value. Complete this question by entering your answers in the tabs below. Assuming that Bowser Company uses a FIFO perpetual inventory system to maintain its inventory records, record the traessactions, (If ne entry is required for a transactionvevent, select "No Journal Entry secuired" in the first account field.) Journal entry worksheet Record recelpt of full parment from customers related to the sale on October 15. fegte Ender celiti befirr crediti. 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. Oetober 4 Turchawe 126 unit of inventory on account from Waluigl Company for 550 per unit, tefins 2/10, A/39. October 5 Pay canh for freiqht charges related to the october 4 purchsse, 5826. octobet 9 Heturn 10 defeetive units fros the Oetober 4 purchase and receipt of credit. oetobet 12 Pay Kaluigi Company in full. Oetober 15 sel1 158 unita of inventery to eustomer on aceount, 512,640 . (R int x The cost of units sold from the Detober 4 purehase ineluden $50 unit cont plus 57 per unit for freight las $1 per unit for the purchase discoust, of 5st per unit.) Detobet 19 Receive fall paytent fron customera related to the sale on october 1s. October 20 purchase 98 unita of inventory fron Waluigi Company for $6B per unit. october 22 Sel1 98 unite of inventory to cultosern for canh, $7,940. 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. Assuming that Bowser Company uses a FIFO perpetual inventory system to maintain its inventory records, record the transactions. (II no entry is fequired for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 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: pry canh fer freight oharges related to the october 4 purehase; se26. Detobet 9 peturn 10 defective undts from the Dotober 4 parchase and receipt of eredit. Gctober 12 Pay Maluigl Company in tull. t5. per unite.) Getober 19 fleceive ful1. payment fron cuetomera related to the wale an oetober 15 . bctober 20 Turehase 98 units of inventory fron kaluigl Cohpaby for $68 per unit. betobet 22 sel2 58 unita of inventory to custesera for eash, 97,840. Required: 1. Assuming that Bowser Company uses a FIFO perpetual inventory system to maintain its ifventory 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: ertry is required for a fransaction/event, select "No Journal Entry Required "In the first account field. ) Journal entry worksheet 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 4 Purchase 128 units of inventory on account from waluigi Conpany for \$50 per unit, terms 2/10, n/30. Oetober 5 Pay cash for freight charges related to the October 4 purchase, \$B26. Oetober 9 Return 10 defective units from the october 4 purchase and receipt of credit. October 12Pay Kaluigi Company in ful1. $56 per unit.) Oetober 19 Receive ful1 payment from eustcmers related to the sale on October 15 . Oetober 20 Purchase 98 units of inventory from Waluigi Company for $68 per undt. October 22 sel1 98 units of inventory to customers 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