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Melrose Cycles uses the FIFO inventory method. Melrose started January with ten bicycles that cost $330 each. On January 16 , Melrose bought 40 bicycles at $240 each. On January 31 , Melrose sold 30 bicycles. Prepare Melrose's perpetual inventory record. Prepare the perpetual inventory record. Start by entering the opening inventory balance. Enter the transactions in chronological order. When entering sales, enter the first cost to come out of inventory on the first line. Be sure to calculate the balance after each transaction. (Use a minus sign or parentheses when subtracting numbers.)