Required information Problem 6-6A 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) [The following information applies to the questions displayed below] At the beginning of October, Bowser Co.'s inventory consists of 69 units with a cost per unit of $31. The following transactions occur during the month of October October 4 Purchase 111 units of inventory on account from Waluigi co, for $se per unit, terms 7/10, 1/30. October 5 Pay cash for freight charges related to the October 4 purchase, $430. October 9 Return 25 defective units from the October 4 purchase and receive credit. October 12 Pay Waluigi Co. in full. October 15 Sell 141 units of inventory to customers on account, $11,280. [Hint: The cost of units sold from the October 4 purchase includes $50 unit cost plus 55 per unit for freight less $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 81 units of inventory from Waluigi Co. for $51 per unit, teras 2/10, 1/30. October 22 Sell 81 units of inventory to customers for cash, $6,480. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on October 20.) nonre Thonnccinio nurchaconisrnunt on hinnar 41 Required information Problem 6-6A Part 3 3. Prepare the top section of the multiple-step income statement through gross profit for the lower of cost and net realizable value. 36 Answer is complete but not entirely correct. BOWSER CO. Multiple-step Income Statement (partial) For the month of October Net Sales Cost of Goods Sold 17,760 10,200 Gross Profit 7,560 Journal entry worksheet Record payment to Waluigi Co. in full. Note: Enter debits before credits. Debit Date General Journal October 12 Accounts Payable Cash Credit 5,000 4,214 Record entry Clear entry View general journal ho Required information Problem 6-6A 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) [The following information applies to the questions displayed below] At the beginning of October, Bowser Co.'s inventory consists of 69 units with a cost per unit of $31. The following transactions occur during the month of October October 4 Purchase 111 units of inventory on account from Waluigi co, for $se per unit, terms 7/10, 1/30. October 5 Pay cash for freight charges related to the October 4 purchase, $430. October 9 Return 25 defective units from the October 4 purchase and receive credit. October 12 Pay Waluigi Co. in full. October 15 Sell 141 units of inventory to customers on account, $11,280. [Hint: The cost of units sold from the October 4 purchase includes $50 unit cost plus 55 per unit for freight less $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 81 units of inventory from Waluigi Co. for $51 per unit, teras 2/10, 1/30. October 22 Sell 81 units of inventory to customers for cash, $6,480. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on October 20.) nonre Thonnccinio nurchaconisrnunt on hinnar 41 Required information Problem 6-6A Part 3 3. Prepare the top section of the multiple-step income statement through gross profit for the lower of cost and net realizable value. 36 Answer is complete but not entirely correct. BOWSER CO. Multiple-step Income Statement (partial) For the month of October Net Sales Cost of Goods Sold 17,760 10,200 Gross Profit 7,560 Journal entry worksheet Record payment to Waluigi Co. in full. Note: Enter debits before credits. Debit Date General Journal October 12 Accounts Payable Cash Credit 5,000 4,214 Record entry Clear entry View general journal ho
