! Required information [The following information applies to the questions displayed below) At the beginning of October, Sooner Co's inventory consists of 50 units with a cost per unit of $50. The following transactions occur during the month of October October 4 Purchase 130 units of inventory on account from Boomer Co. for $50 per unit, torna 2/10, n/30. October 5 Pay cash for freight charges related to the October 4 purchase, $600. October 9 Return 10 defective units from the October purchase and receive credit. October 12 Pay Boomer Co. in full. October 15 Sell 160 units of inventory to customers on account, $12,800. (Hint: The cost of units sold from the October 4 purchase includes $50 unit cost plus $5 per unit for freight loss $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 100 units of inventory from Boomer Co. for $70 per unit, terms 2/10, n/30. October 22 Sell 100 units of inventory to customers for cash, $8,000. (Note: For calculating the cost of inventory sold, ignore the possible purchase discount on October 20.) 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. (Hint: Enter Sales revenue on top line as "Net sales." Enter COGS on the second line the third line is blank. Enter Gross profit on the last line) SOONER CO. Multiple-step Income Statement (partial) For the month of October