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 (L06-2, 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 $50 per unit, terns 2710, 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 Seul 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 $5 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, terms 2/10, 1/30. October 22 Sel1 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.) Answer is complete but not entirely correct. No Date General Journal Dobit Credit 1 October 04 Inventory Accounts Payable 5,600 5,600 2 October 05 552 Inventory Cash O 552 3 3 October 09 Accounts Payable Inventory 1,000 Ol 1,000 4 October 12 4,600 Accounts Payable Inventory Cash DO 92 4,508 on October 15 11,360 Accounts Receivable Sales Revenue 11,360 6 October 15 6,246 Cost of Goods Sold Inventory SI 6.246 7 October 19 11,360 Cash Accounts Receivable 11,360 B October 20 4.264 Inventory Accounts Payable O 4,264 9 October 22 6,560 Accounts Receivable Salon Revenue O 6,560 10 October 22 4,318 Cost of Goods Sold Inventory 4,318 Problem 6-6A Part 2 2. Suppose by the end of October that the remaining inventory is estimated to have a net realizable value per unit of $27. Record any necessary adjustment 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.) View transaction list Journal entry worksheet es Drau Problem 6-6A Part 3 3. Prepare the top section of the multiple-step income statement through gross profit for the month of October after the adjustment for lower of cost and net realizable value. BOWSER CO. Multiple-step Income Statement (partially For the month of October