P6-6B You are given the following information for transactions by Schwinghamer Co. All transactions are set- Record tled in cash. Schwinghamer uses a perpetual inventory system and the FIFO cost formula. perpet LCNR Instructions Unit Cost/ Date Transaction Units Selling Price Oct. 1 5 Beginning inventory Purchase 60 $14 110 13 8 Sale (140) 20 15 Purchase 52 12 20 25 Sale (70) 16 Purchase 15 11 (a) Prepare the required journal entries for the month of October for Schwinghamer Co. (b) Determine the ending inventory for Schwinghamer. (c) On October 31, Schwinghamer determines that the product has a net realizable value of $10 per unit. What amount should the inventory be valued at on the October 31 balance sheet? Prepare any required journal entries. Inventory Costing (d) Considering your answer from part (c), what amount will be reported on the October income statement for cost of goods sold?