Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston bought 40 bicycles at $68 each. On October 31, Boston sold 34 bicycles for $100 each. Preparing a perpetual inventory record and journal entriesFIFO Requirements

1.PrepareBostonCyclesperpetualinventoryrecordassumingthecompanyusesthe FIFO inventory costing method.

2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account.

S6-5 Preparing a perpetual inventory record and journal entriesLIFO Requirements

1. PrepareBostonCyclesperpetualinventoryrecordassumingthecompanyusesthe LIFO inventory costing method.

2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account.