Califomia Cycles started October with 5 bicycles that cost $48 each. On October 16, California purchased 30 bicycles at $55 each. On October 31, California sold 13 bicycles for $99 each. Requirements 1. Prepare California 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. Requirement 1. Prepare California Cycle's perpetual inventory record assuming the company uses the LIFO 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 record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand, enter the oldest inventory layer first. Abbreviation used: QTY Quantity: Tot. Total) California Cycles Purchases Date: QTY Unit Cost Tot. Cost Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost Oct. 1 Oct. 16 Oct. 31 Totals Requirement 2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) October 16 Purchased merchandise inventory on account. Oct Date Accounts and Explanation 16 Debit Credit