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 Purchese 128 units of inventory on account from Waluigi Company for 55e per unit, terws 2/10, n/3e. October'5 Pay casb for freight charges related to the october 4 purchase, 5826. October 9 Return 10 defective units from the October 4 parchase and receipt of credit. October 12 pay Malaigi cospany in full. includes $50 unit cost plus $7 per unit for freight les $1 per unit for the purchase discount, or $56 per unit.) October 19 Receive full payment froe custowers related to the sale on october 15. October 20 Purchase 95 units of inventory fron Waluigi Company for \$68 per unit. October 22 Sell 98 units of inventory to custoners 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. Assuming that Bowser Company uses a FIFO perpetual inventory system to maintain its inventory records, record the transactions. (1fno entry is required for a transaction/event, select "No Joumal Entry Required" in the first account. field.) Journal entry worksheet Record purchase of 128 units of inventory on account from Waluigi company for $50 per unit, terms 2/10,n/30. Suppose by the end of October that the remaining inventory is estimated to have a net realizable value per un necessary adjusting entry for lower of cost and net realizable value. (If no entry is required for a transaction/ Entry Required in the first account field.) Journal entry worksheet Record any necessary adjusting entry for lower of cost and net realizable value. Note: Enter debits before credits. October 15 sell 158 units of inventory to custoeers on account, $12,640. (rint: The cost of units includes $50 unit cost plus $7 per unit for freight less $1 per unit for the purchase di october 19 Receive full payment from customers related to the sale on october 15. october 20 Purchase 98 units of inventory fron laluigi company for $68 per unit. October 22Se1198 units of inventory to customers for cash, $7,849. Required: 1. Assuming that Bowser Company uses a FIFO perpetual inventory system to maintain its inventory 2 Suppose by the end of October that the remaining inventory is estimated to have a net realizable necessary adjusting entry for lowe . 3. Prepare the top section of the mu [iple-step income statement through gross profit for the month entry for lower of cost and net realiroble 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 adjusting entry for lower of cost and net realizable value
