20) 20) Boston Cycles started January with 5 bicycles that cost $48 each. On January16, Boston bought 30 bicycles at $55 each. On January31, Boston sold 18 bicycles for $$100 each.

Requirements

1.Prepare Boston ?Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method.

2 Journalize the January16 purchase of merchandise inventory on account and the January31 sale of merchandise inventory on account.

Requirement 1. Prepare Boston ?Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method.

Start by entering the beginning inventory balances. Enter the transactions in chronological?order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual?record, calculate the quantity and total cost of inventory?purchased, sold, and on hand at the end of the period. ?(For cost of goods?sold, enter the first layer out under LIFO costing first. For inventory on?hand, enter the oldest inventory layer first. Abbreviation?used: QTY?= Quantity; Tot.?=Total)