At the beginning of October, Bowser Company's inventory consists of 54 units with a cost per unit of $46. The following transactions occur during the month of October. October 4 Purchase 126 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, $696. 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 156 units of inventory to customers on account, $12,480. (Hints 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 96 units of inventory from Waluigi Company for $66 per unit. October 22 Sell 96 units of inventory to customers for cash, $7,680. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Assuming that Bowser Company uses a FIFO perpetual inventory system to maintain its inventory records, record the transactions. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View Journal entry worksheet No Date General Journal 1 October 04 Inventory Accounts Payable 2 October 05 Inventory Cash Debit Credit 6,300 6,300 696 696 7 3 October 09 Accounts Payable Inventory 500 500 October 12 Accounts Payable 5,800 Cash 5,684 Inventory 116 7 October 15 Accounts Receivable Sales Revenue 12,480 12,480 October 15 Cost of Goods Sold Inventory Required Required 2 >