Journal entry worksheet rote: tenter aedits petore creaits. At the beginning of October, Bowser Company's inventory consists of 56 units with a cost per unit of $44. The following transactions occur during the month of October. October 4 Purchase 124 units of inventory on account from Waluigi company for $50 per unit, terms 2/10, n/30. October 5 Pay cash for freight charges related to the october 4 purchase, $570. October 9 Return 10 defective units from the october 4 purchase and receipt of credit. October 12 Pay Waluigi company in full. Ootober 15 sell 154 units of inventory to customers on account, $12,320. (Hinti The cost of units sold from the October 4 purchase includes $50 tnit cost plus $5 per unit for freight less $1 per unit for the purchase discount, or $54 per unit.) October i9 Receive full payment from cuntomern related to the sale on october 15. October 20 Purchase 94 janits of inventory from Waluigi Conpany tor $64 per unit. Ootober 22501194 units of inventory to customord for cash, $7,520. 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 reallzable 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 October after the adjusting entry for lower of cost and net realizable value. 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 not realizable value. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record any necessary adjusting entry for lower of cost and net realizable value. Noter Enter debits before credits