Problem 6-6A (Algo) Record transactions using a perpetual system, prepare a partial income statement, and adjust for the lower of cost and net realizable value ( LO6-2, 6-3, 6-4, 6-5, 6-6) At the beginning of October, Bowser Company's inventory consists of 51 units with a cost per unit of $49. The following transactions occur during the month of October. October 4 Purchase 129 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, $714. October 9 Return 10 defective units from the October 4 purchase and receipt of credit. October 12 Pay Waluigi Company in full. October 15 Sell 159 units of inventory to customers on account, $12,720. (Hint: The cost of units sold from the October 4 purchase includes $50 unit cost plus $6 per unit for freight less $1 per unit for the purchase discount, or $55 per unit.) October 19 Receive full payment from customers related to the sale on October 15. October 20 Purchase 99 units of inventory from Waluigi Company for $69 per unit. October 22 Sell 99 units of inventory to customers for cash, $7,920. 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 realizable value. Required 2> Complete this question by entering your answers in the tabs below. 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. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 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