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 23 bicycles for $110 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) AZ Cycles Purchases Date: Jul 1 QTY Unit Cost Tot. Cost Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost Jul 16