AZ Cycles started January with 15 bicycles that cost $75 each. On January 16, AZ purchased 25 bicycles at $91 each. On January 31. AZ sold 23 bicycles for $100 each. Requirement 1. Prepare AZ 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) AZ Cycles Purchases Cost of Goods Sold Inventory on Hand Date Jan. 1 QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Jan. 16 Jan. 31 Totals Requirement 2. Journalize the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbreviate.) January 16: Purchased merchandise inventory on account. Jan. Date Accounts and Explanation 16 Debit Credit