Boston Cycles wianed October with 12 bicycles tat oost $42 each On October 16, Boston bought 40 bicycles at S68 each On October 31, Boston sold 34 boycles for $100 each Requirements Prepare Boston Cycle's perpetual inventory record assuming he company uses the FIFO y tingthod Joumakze the October 16 purchase of merchandse inventory on account and the October 31 sale of menchandse inentory on account 1 Requirement 1. Prepare Boston Cycle's perpetual inventory necond assuming the company uaes the FiFO ory oing method Stat by entering he beginning inventory baances. Erter the trensactions in chronological order, calolating new invenory on hand balances oter each transaction Once all of the transactions haye been entered into the gerpetua record calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period Enter the oldest nventory layers frst Abtreviation used QTY Quantity Tot Total) Boston Cycles Purchases Cost of Goods Sold Inventery an Hand QTY Unit Cost Tat. Cost Datel QTY Unit Cost Tot Cost OTY Unit Cost Tot. Cost Oct. 1 Oct 16 Oct 31 Totals Requirement 2 Jounalze the October 16 purchase of merchandise inventory on account and the October 31 sale of menchandise inventory on account (Record debits frst, then oredits. Select the axpanation on the last ine of the jounal entry table.) October 16. Puthased merchandise inventory on account Date Accounts and Explanation Debit Credit 16 Choose from any lst or ener any number in the input felds and then continue to the next