AZ Cycles started July with $15$ bicycles that cost $$54$ each. On July $16,AZ$ purchased $30$ bicycles at $$78$ each. On July $31,AZ$ sold $28$ bicycles for $$98$ each.

Requirements

Prepare AZ Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method.

Journalize the July $16$ purchase of merchandise inventory on account and the July $31$ sale of merchandise inventory on account.

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

inventory layer first. Abbreviation used: QTY $=$ Quantity; Tot: $=$ Total$)$