Calfomia Cycles started July with 25 bicycles that cost $65 each. On July 16, Califormia purchased 50 bicycles at 300 each. On July 31, Calfomia sold 45 bicycles for $100 each Requirements 1. 2. Prepare Califonia Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method Joumalize the July 16 purchase of merchandise inventory on account and the July 31 sale of merchandise inventory on account Requirement 1. Prepare Caitomia Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method 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 per contact the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Ender the idest inventory layers fest. Atrevation used QTY - Quantity T Calemia Cycles Purchases Date QTY Unit Cest fot. Cost Cost of Goods Sold QTY Unit Cest Tot. Cost Inventory on Hand QTY Unit Cost To Cost 10 [31 Tota