At the beginning of October, Bowser Company's inventory consists of $65$ units with a cost per unit of $$35.$ The following transactions

occur during the month of October.

Required:

Assuming that Bowser Company uses a FIFO perpetual inventory system to maintain its inventory records, record the transactions.

Suppose by the end of October that the remaining inventory is estimated to have a net realizable value per unit of $$30.$ Record any

necessary adjusting entry for lower of cost and net realizable value.

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.

Suppose by the end of October that the remaining inventory is estimated to have a net realizable value per unit of $$30.$ Record any

necessary adjusting entry 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.$)$

Journal entry worksheet

$1$

Record any necessary adjusting entry for lower of cost and net realizable

value.

Note: Enter debits before credits.