At the beginning of October, Sooner Co.'s inventory consists of 50 units with a cost per unit of $50. The following transactions occur during the month of October. October 4 Purchase 130 units of inventory on account from Boomer Co. for $50 per unit, terms 2/10, n/30. October 5 Pay cash for freight charges related to the October 4 purchase, $600. October 9 Return 10 defective units from the October 4 purchase and receive credit. October 12 Pay Boomer Co. in full. October 15 Sell 160 units of inventory to customers on account, $12,800. (Hint: The cost of units sold from the October 4 purchase includes $50 unit cost plus $5 per unit for freight loss $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 100 units of inventory from Boomer Co. for $70 per unit, terms 2/10, n/30. October 22 Sell 100 units of inventory to customers for cash, $8,000. (Note: for calculating the cost of inventory sold, Ignore the possible purchase discount on October 20.) 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 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 Credit Date General Journal October 31 Cost of Goods Sold Inventory Debit 1.650 1,650