AZ Cycles started March with 12 bicycles that cost 342 each On March 16, AZ purchased 40 bicycles at 568 each On March 31 , AZ soid 31 bicycles for 395 each Requirements 1. Prepare AZ Cyde's perpetual inventory record assuming the company uses the FIFO invenlory costing method 2. Joumalize the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise inventory on account Requirement 1. Propare AZ Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method Start by ertering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction Once al of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inverfory purchased, sold, and on hand at the end of the period (Enter the oldest imventary layers first. Abbreviation used QTY is Quantly. Tot = Total)