This question has 3 parts: any help would be appreciated, I do not understand this concept. Thank you.

Help Save 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 64 units with a cost per unit of $36. The following transactions occur during the month of October October 4 Purchase 116 units of Inventory on account from Waluigi Co. for $50 per unit, terma 2/10, 1/30. October 5 Pay cash for freight charges related to the October 4 purchase, $672. October 9 Return 20 defective units from the October 4 purchase and receive eredit. October 12 Pay Waluigi Co. in full. October 15 Sell 146 units of inventory to customers on account, $11.680. (Binti The cost of units sold from the October 4 purchase includes $50 unit cost plus 57 per unit for freight loss 51 per unit for the purchase discount, or $56 per unit. 1 October 19 Receive full payment from customer related to the sale on October 15. October 20 Purchase 86 units of inventory from Waluigi Co. for 556 per unit, terms 3/10, n/30. October 22 sell 86 units of inventory to customers for cash, $6,880. (Note: For calculating the cost of Inventory sold, ignore the possible purchase discount on October 20.) Problem 6-6A Part 1 Required: 1. Assuming that Bowser Co. 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 transaction list Journal entry worksheet Record purchase of 116 units of inventory on account from Waluigi Co. for $50 per unit, terms 2/10, n/30. Note: Enter debits before credits. Date General Journal Debit Credit October 04 Record entry Clear entry View general Journal 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 64 units with a cost per unit of $36. The following transactions occur during the month of October October 4 Purchase 116 units of inventory on account from Waluigi Co. for $50 per unit, terms 2/10, 1/30. October 5 Pay cash for freight charges related to the October 4 purchase, $672. October 9 Return 20 defective units from the October 4 purchase and receive credit. October 12 Pay Waluigi Co. in full. October 15 Sell 146 units of inventory to customers on account, $11,680. (Hint: The cost of units sold from the October 4 purchase includes $50 unit cont plus 87 per unit for freight loss $1 per unit for the purchase discount, or $56 per unit. 1 October 19 Receive full payment trom cuntomers related to the sale on October ks. October 20 Purebane 86 units of inventory from Waluigi Co. for $56 per unit, terma 3/10, 1/30. October 22 Se11 86 units of Inventory to customers for cash, $6,080. (Note: Yor calculating the cost of inventory sold, ignore the possible purchase discount on October 20.) 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 $30. 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.) 2. 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 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