Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston purchased 40 bicycles at $68 each. On October 31, Boston sold 34 bicycles for $100 each. Requirements 1. Prepare Boston Cycle's perpetual inventory record assuming the company uses the 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. Requirement 1. Prepare Boston Cycle's perpetual inventory record assuming the company uses the FIFO 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 end of the period. (Enter the oldest inventory layers first. Abbreviation used: QTY = Quantity: Tot. = Total) Boston Cycles Purchases Cost of Goods Sold Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost 12 $ 42 $ 504 Oct. 1 Oct. 16 40 $ 68 $ 2,720 12 $ 42 $ 504 40 $ 68 $ 2,720 Oct. 31 12 42 504 68