At the beginning of October, Bowser Co.'s inventory consists of 69 units with a cost per unit of $31. The following transactic during the month of October October 4 Purchase 111 units of inventory on account 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. $430. October 9 Return 25 defective units from the October 4 purchase and receive credit October 12 Pay Waluigi Co. in full. October 15 Sell 141 units of inventory to customers on account, $11,280.(Hint: The cost of units sold from the October 4 pur includes $50 unit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $54 per unit.] October 19 Receive full payment from customers related to the sale on October 15. October 20 Purchase 81 units of inventory from Waluigi Co. for $51 per unit, terms 2/10, n/30. October 22 Sell 81 units of inventory to customers for cash, $6,480. 10.00 points Required information 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.) View transaction list Journal entry worksheet Return 25 defective units from the October 4 purchase and receive credit. Note: Enter debits before credits Date Date General Journal October 09 Accounts payable General Journal D Debit 400 obie Credit Credit Required information 2. Suppose by the end of October that the remaining inventory is estimated to have a net realizable value value per unit of $27. 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.) View transaction list Journal entry worksheet Record the adjustment of inventory to net realizable value. Note: Enter debits before credits Debit Credit Date General Journal October 31 Cost of goods sold Inventory Record entry Clear entry View general journal bf 51 Required information 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. BOWSER CO. Multiple-step Income Statement (partial) For the month of October Net sales Cost of good sold Gross profit