Coltomia Cycles started March with 25 bicycles that cost $65 each On March 16, California bought so bly $80 ench, on March 31, Califom sold 42 bicycles for $100 each Requirements 1 Prepare California Cycle's perpetual inventory record suring the company uses the UFO inventory costrg method 2. Joumalize the March 16 purchase of merchandise inventory on account and the March 3 ale of merchandise vertory on ou Requirement 1. Prepare California Cycle's perpetual inventory record assuming the company uses the LIFO er ting method Start by entering the beginning inventory balances Enter the transactions in chronological order calculating new inventory on and answer enchansaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and hand at the end of the end of Bold enter layer out under LIFO costing first. For invertory on hand enter the oldest inventory layer first. Abbreviation used: OTY Quantity. Toto Cost of Goods Sold California Cycles Purchases Date QTY Unit Cost Tot. Cost Mar. 1 Inventory on Hand QTY Unit Cost Tot. Cost QTY Unit Cost Tot Cost Enter any number in the edit folds and then click Check Answer Clear Al Check Answer 6 remaining