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O Points: 0 of 5 Boston Cycles started May with 5 bicycles that cost $48 each. On May 16, Boston purchased 30 bicycles at $55 each. On May 31, Boston sold 24 bleycles for Requirements Prepare Boston Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account 1. 2. 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 transact perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (For odst of goods sold, enter the first the oldest inventory layer first. Abbreviation used: QTY = Quantity: Tot. Total) Boston Cycles Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost May 1 ed 30 bicycles at $55 each. On May 31, Boston sold 24 bicycles for $96 each. LIFO inventory costing method. 31 sale of merchandise inventory on account. - uses the LIFO inventory costing method. order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the hand at the end of the period. (For cdst of goods sold, enter the first layer out under LIFO costing first. For inventory on hand, enter wentory on Hand Unit Cost Tot. Cost