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Problem 6-6A (Algo) 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) At the beginning of October, Bowser Company's inventory consists of 52 units with a cost per unit of $48. The following transactions occur during the month of October. october 4 Purchase 128 unita of inventory on account erom Waluigd conpany for $50 per unit, terins 2/10, n/30. october 5 . Pay cast for freight charges related to the octobor 4 purchase, 5826 . Oetober 9 Return 10 defective units from the october 4 purchase and receipt of oredit. October 12 Pay Kaluigl Company in full. $56 per unita) Getober 19 Receive ful1 payment from customers related to the bale on october 15 . october 20 Purchase 98 undts of inventory fron Waluigi Company for $68 por unit. Oetober 22 se 11.98 units of inventory to custotters for cash, $7,840% 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. 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

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