California Cycles started August with 25 bicycles that cost $65 each On August 16 California bought 50 bicycles at $80 each On August 31, California sold 45 bicycles for $99 each Requirements 1. Prepare California Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on account Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Aug 1 25 $ 65 $ 1,625 Aug 16 50 $ 80S 4,000 25 $ 65 $ 1,625 50 $ BD $ 4.0DD Aug 31 Enter any number in the edit fields and then click Check Answer Clear All Final Check 4 parts remaining