Boston Cycles started October with 12 bicycles that cost $42each On October 16, Boston bought 40 bis 568ch On October 31. Boston sold 4 bicycles for $100 each Requirements 1. Prepare Boston Cycle's perpetual inventory record assuming the company use the FIFO inventory costing method 2 Journalize the October 18 purchase of merchandise inventory on account and the October 31 of merchandisinventory on count Requirement 1. Prepare Boston Cyde's perpetual inventory record assuming the company the PFO inventory costing method Start by entering the beginning inventory balances Enter the transactions in chronological order, calculating new inventory on hand b e aher each transaction. Once all of the transactions have been entered into the pre calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. the destinventory layers first. Abbreviation used QTY - Quantity: Tot Total) c ord Boston Cycles Purchases QTY Unit Cost Tot. Cost Oct 1 Cost of Goods Sold Inventory on Hand QTY Unit Cost Tot. CostO TY Una Coat Tot Cost Date Oct 31 Total Requirement 2. Journalize the October 16 purchase of merchandise invertory on account and the October 31 sale of merchandise inventory on CCO Hord detent than the station on the October 16. Purchased merchandise inventory on account. Date Accounts and Explanation Oct 16 Debat Accounts Payable Accounts Receivable Coat of Goods Sold Marchandise Inventory Choose from an Sales Revenue and then continue to the next question 100 ch Boston Cycles started October with 12 by the cost $42 each on October 18, Boston bought 40 bicycles at 68 och on October 31, Boston od Requirements 1. Prepare Boston Cycle's perp e ntory record i ng the company uses the FFO inventory costing method 2 Jour t h October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise w ory on account October 31: Sale of merchandise inventory on account Begin by preparing the entry to make the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step (Assume that Boston Date Accounts and explanation Credit Oct 31 Now jumate the expense related to the October 31 sale Review the perpetual inventory record you prepared in Requirement1 Date Accounts and Explanation Choose from or on any number in the input folds and then continue to the next