Boston Cycles started March with 15 bicycles that cost $54 each On March 16, Boston bought 30 bicycles at $78 each On March 31, Boston sold 28 bicycles for $105 each Requirements 1. Prepare Boston Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method 2 Journalize the March 16 purchase of merchandise inventory on account and the March 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 the and total cost of inventory purchased sold, and on hand at the end of the period. (For cost of goods soks, enter the first layer out under LIFO costing first For in ir inventory on hand enter the oldest inventory Boston Cycles Purchases Date QTY Unit Cost Tot. Cost Mar 1 Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost