A)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.)

B) 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 adjustment for lower of cost and net realizable value. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

C)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.

At :he beginning of Octobe Bowser Co s n entory consists of 50 urits witn a :ost cer urit of 50 The lowing ransact ons occur dur nS the month of Octobe OctCJber 4 Purta se 130 units oirwerto 'yon ocort torn ws luigl Co, for $30 per unit terms 2 /30 Cctober Pay cash for frelghtcharges related to the Cctober 1 purchase S60O October 8 Return 10 cefectiw units frem the Octber purchase and reveive cedt Cictober 2 Pay Waluigi Co in full October 5 Sell 160 urits o ' vcrtory to customers on ocoun: 312,800 H nt: The cost ofu 15 sold ro m:he v ober 4 urdaso nc udos 350 urit oost plus $5 per ur t or re'ght less S1 per urt or te purdn35e discount or $64 or urit Rece ve ful payment from cstomers related o the sale on Oclobe 15 October 20 Furcha 00 units of inventory from Waluigi Co. for 0 por unit, terms 210 r30 claber 22 ell 100nts f nventary la customers for eash $8000