Use the Innovation Cycles data in Short Exercise 6-3 to journalize.

Requirements

1. The March 16 purchase of inventory on account.
2. The March 31 sale of inventory on account. Innovation sold each bicycle for $ 120.
3. Cost of goods sold under FIFO on March 31.

Data From Shot Exercise 6-3:

Innovation Cycles uses the FIFO inventory method. Innovation started March with 10 bicycles that cost \($60\) each. On March 16, Innovation bought 20 bicycles at \($70\) each. On March 31, Innovation sold 25 bicycles.