% 56-5 (similar to) Question Help Mountain Cycles started January with 5 bicycles that cost $48 each. On January 16, Mountain bought 30 bicycles at $55 each. On January 31, Mountain sold 29 bicycles for $90 each. Requirements 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. 2. Journalize the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account. Requirement 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand, enter the oldest inventory layer first. Abbreviation used: QTY = Quantity; Tot. = Total) Mountain Cycles Purchases Date QTY Unit Cost Tot. Cost Cost of Goods Sold QTY Unit Cost Tot. Cost Jan. 1 Inventory on Hand QTY Unit Cost Tot. Cost 5$ 48$ 240 5 $ 48 $ 240 30 $ 55 $ 1,650 Jan. 16 30 $ 55 $ 1,650 Jan. 31 Enter any number in the edit fields and then click Check