AZ Cycles started May with 12 bicycles that cost $42 each On May 16, AZ bought 40 bicycles at $68 each On May 31, AZ sold 27 bicycles for $97 each. Requirements 1. Prepare AZ Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method 2. Journalize the May 16 purchase of merchandise inventory on account and the May 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 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 QTY Unit Cost Tot. Cost Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost Date May 1 May 16 May 31 Totals Requirement 2. Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account (Record debits first, then May 16: Purchased merchandise inventory on account Date Accounts and Explanation Debit Credit 16 Choose from any list of enter any number in the input nolds and then continue to the next question AZ Cydes started May with 12 bicycles that cost 512 each. On May 16, AZ bought 40 bicycles at 568 each On May 31, AZ sold 27 bicycles for $97 each Requirements 1. Prepare Az Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method 2 Joumalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise Inventory on account Requirement 2. Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account (Record debits first, then credits Sele May 16. Purchased merchandise inventory on account Date Accounts and Explanation Debit Credit May 16 May 31 Sale of merchandise inventory on account Begin by preparing the entry to joumalize the sale portion of the transaction Do not record the expense related to the sale. We will do that in the following step (Assume that AZ sold the Date Accounts and Explanation Debit Credit Now Journals the expense related to the May 31 sale Choose from anyone number in the input ids and then continue to the next cuestion DOLL Requirements 1. Prepare AZ Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account May 31: Sale of merchandise inventory on account Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the fol Date Accounts and Explanation Debit Credit May 31 Now journalize the expense related to the May 31 sale. Review the perpetual inventory record you prepared in Requirement 1 Date Accounts and Explanation Debit 31 Credit May Choose from any list of enter any number in the input fields and then continue to the next