Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston purchased 40 bicycles at 568 each. On October 31. Beston sold 34 bicycles for $100 each Requirements 1. Prepare Boston Cycle's perpetual inventory record assuming the company uses the 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