PROBLEM 6.7A Accrual Accounting, Cash Flow, and Fair Value LO6-1, LO6-3, L06-6 September and October of this year. Thompson Plumbing uses a perpetual inventory system. \begin{tabular}{ll} Sept. 3 & Purchased $240,000 of plumbing accessories, terms n/30. \\ Sept. 15 & Sold $180,000 of plumbing accessories, terms n/60. The cost of the accessories sold is $120,000. \\ Sept. 28 & Purchased $360,000 of plumbing accessories, terms n/45. \\ Oct. 3 & Settled the $240,000 purchase of September 3. \\ Oct. 15 & Sold $450,000 of plumbing accessories, terms n/60. The cost of the accessories sold is $300,000. \\ Oct. 27 & Purchased $540,000 of plumbing accessories, terms n/30. \end{tabular} Instructions a. Compute the gross profit on Thompson Plumbing's transactions during September and October. cash being received or paid are recorded.) c. Explain the difference between the results in a and b. value with the offset to an account titled Revaluation of Inventory to Market Value.)