California Cycles started July with 15 bicycles that cost $75 each. On July 16, California purchased 25 bicycles at $91 each. On July 31, California sold 23 bicycles for $95 each Requirements 1. Prepare California Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. Journalize the July 16 purchase of merchandise inventory on account and the July 31 sale of merchandise inventory on account. 2. Requirement 1. Prepare California Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. Start by entering the beginning inventory batances, Enter the transactions in chronological order, calculating now inventory on hand balancos after each transaction Once all of the transactions have been entered into the perpetunt record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period (Enter the oldest inventory layers first. Abbreviation usod: QTY Quantity. Tot - Total) California Cycles Inventory on Hand Date ATY Unit Cost Tot. Cost QTY Unit Cost Tot. Ce Unit Cost Tot. Cost JUL 1 Purchases Cost of Goods Sold Cost QTY