California Cycles started October with 25 bicycles that cost $65 each. On October 16, California bought 50 bicycles at 580 each. On October 31, California sold 49 bicycles for $99 each Requirements 1. Prepare California Cycle's perpetual inventory record assuming the company uses the UFO 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 Couting first. For inventory on hand enter the oldest inventory layer first. Abbreviation used OTY Quantity: Tot. Total) California Cycles Purchases Cost of Goods Sold ventory on Hand Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Oct. 1 Oct. To Oct. 31 Choose from any list or enter any number in the input fields and then continue to the next question. Question California Cycles started October with 25 bicycles that cost $65 each on October 16, California bought 50 bicycles at 580 each. On October 31, California sold 49 bicycles for $99 eac Requirements 1. Prepare California Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method 2. Journaize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. (Assume that California bicycles for $99 each) Date Accounts and Explanation Debit Credit Now journalize the expense related to the October 31 sale. Review the perpetual inventory record you prepared in Requirement 1. Date Accounts and Explanation Debit Credit Oct. 31 Choose from any list or enter any number in the input fields and then continue to the next