AZ Cycles started July with 12 bicycles that cost $42 each. On July 16 , AZ purchased 40 bicycles at $68 each. On July 31 , AZ sold 28 bicycles for $96 each. Requirements 1. Prepare AZ Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. 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 FIFO 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. (Enter the oldest inventory layers first. Abbreviation used: QTY = Quantity; Tot. = Total)