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Mustang Cycles uses the FIFO inventory method. Mustang started January with five bicycles that cost $250 each. On January 16 , Mustang bought 20 bicycles at $380 each. On January 31 , Mustang sold 15 bicycles. Prepare Mustang's perpetual inventory record. Prepare the perpetual inventory record. Start by entering the opening inventory balance. Enter the transactions in chronological order. When entering sales, enter the first cost to come out of inventory on the first line. Be sure to calculate the balance after each transaction. (Use a minus sign or parentheses when subtracting numbers.)