P6.6B (LO 2, 5) (Record transactions using perpetual FIFO; apply LCNRV.) Geo Inc. has provided you with the following information. This company purchases its inventory from supplier on account. All sales are also on account. Geo uses the FIFO cost formula in a perpetual inventory system. Increased competition has recently decreased the price of the product. Date Oct. 1 Explanation Beginning inventory Units Unit Cost Unit Price 60 $140 5 Purchases 100 130 8 Sales (120) $200 15 Purchases 35 120 20 Sales (60) 160 26 Purchases 15 110 Instructions a. Prepare all journal entries for the month of October for Geo. b. Determine the ending inventory amount for Geo. c. On October 31, Geo learns that the product has a net realizable value of $108 per unit. Determine the amount that ending inventory should be valued at on the October 31 statement of financial position. d. Based on your answer to part (c), determine whether the company should record a journal entry at the end of October, and if so, prepare the entry.