At the beginning of October, Bowser Co.s inventory consists of 61 units with a cost per unit of $39.

The following transactions occur during the month of October

October 4 Purchase 119 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, $728.

October 9 Return 15 defective units from the October 4 purchase and receive credit.

October 12 Pay Waluigi Co. in full.

October 15 Sell 149 units of inventory to customers on account, $11,920. [Hint: The cost of units sold from the October 4 purchase includes $50 unit cost plus $7 per unit for freight less $1 per unit for the purchase discount, or $56 per unit.]

October 19 Receive full payment from customers related to the sale on October 15.

October 20 Purchase 89 units of inventory from Waluigi Co. for $59 per unit, terms 3/10, n/30.

October 22 Sell 89 units of inventory to customers for cash, $7,120. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on October 20.)

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.