Boston Cycles started August with 12 bicycles that cost $42 each. On August 16, Boston purchased 40 bicycles at 568 each. On August 31, Boston sold 28 bicycles for $100 each Requirements 1. Prepare Boston Cyde's perpetual inventory record assuming the company uses the LIFO inventory costing method 2. Journalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on account Requirement 1. Prepare Boston Cycle's perpetual inventory record assuming the company uses 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 entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand, enter the oldest inventory layer first. Abbreviation used QTY Quantity, Tot Total) Boston Cycles Purchases Date Aug 1 ary Unit Cost Tot. Cost Cost of Goods Sold ary Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot Cost Aug 16 Aug 31