AZ Cycles started May with Sides the cost $48 each On May 16, AZ purchased 30 bicycles at $56 each On May 31, A2 sold 16 bicycles for $100 each Requirements 1. Prepare Az Cycle's perpetual inventory record assuming the company was the LIFO 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 1. Prepare Az Cydlu's perpetual inventory record assuming the company was the LIFO 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 tored into the perpetual record calculate the quantly and total cost of Inventory purchased, sold, and on hand at the end of the period. (For cost of goods so enter the first layer out under UFO costing first. For invertory on hand enter the oldest inventory layer first Abbreviation and TY Quantity Toto Az Cycles Purchase Cost of Goods Sold Inventory on Hand OTY Unit Cost Tot Cost ATY Unit Cost TotCost Gry Unit Cost Tot. Cost May 1 May 16 Date May 31 May 31 Totals Requirement 2. Journalize the May 18 purchase of merchandise inventory on account and the May 31 sale al merchandise inventory on account (Record Gebits first, then credis Select the explanation on the last line of the joumal entry May 16: Purchased merchandise Inventory on account Date Accounts and Explanation 16 Debi Credit Choose from any list or enter any number in the input fields and then continue to the next question Begin by preparing the entry 10 joumalize the sale portion of the transaction. Do not record the expense to the sale. We will do that in the following step. Asume that AZ sold the Bicycles for $105 each) Date Accounts and Explanation Debit Credit May 31 Now jourse the expense related to the May 31 sale Review the perpetual inventory record you prepared in Requirement1 Date Accounts and Explanation Debit May 31 Credit Choose from any it or enter any number in the input fields and then continue to the next