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hydes started wit become on Shepherds on the cerch Requirements Prepares perto do conhece Foto 2. Jame the Agent puchomachay.com 16 1. Requirement 1. Prepa Shett Coveyond the company in the Foot con Start bygninger om rond de of contendo Foro OUT soft GY Shepherd Cycle Purchase Coal of Goods Sold Dane QTY Cow To Cost QTY Uwort tot Cost QIY Cost Tot. Cost A Aug 10 A To Ragnhet provide August 15. may no Date Account and Explanation Beb C Requirement: Jeg 1 perche very helyett A1 Puchared mechando Date Accounts and explanation Dott Credit NO 16 In brand new to pronounce Date Accupation De Cro ALD 30 out the post Now journalize the expense related to the August 31 sale. Review the perpetual inventory record you prepared in Requirement 1 Date Accounts and Explanation Debit Credit Aug 31 California Cycles started July with 12 bicycles that cost $42 each on July 16, California purchased 40 bicycles at 868 each. On July 31, California sold Z bicycles for $105 each Requirements 1. Prepare California Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method 2. Journalize the July 16 purchase of merchandise inventory on account and the July 31 sale of merchandise inventory on account Requirement 1. Propare California Cycle's perpetual inventory record assuming the company uses the UFO 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 ontred 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 layor out under LIFO costing first For inventory on hand enter the oldest inventory layer fest Abbreviation used QTY Quantity. Tot. Total California Cycles Purchases Date QTY Unit Cost Tot. Cost Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost Jul 1 Jul 16 Jul 31 Totals Penuirement 2. Journalize the July 16 purchase of merchandise inventory on account and the July 31 sale of merchandise inventory on account (Record debts in Antry table Requirement 2. Journalize the July 16 purchase of merchandise inventory on account and the July 31 sale of merchandise inventory on account record debts first, then credits. Select the explanation on the last line of the journal entry table) July 16 Purchased merchandise inventory on account Accounts and Explanation Debit Credit Date Jul 16 July 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 long step (Assume that California sold the bicycles for S105 each) 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 sold the bicycles for $105 each) Date Accounts and Explanation Debit Credit Jul 31 Now journalize the expense related to the July 31 sale Review the perpetual inventory record you prepared in Requirement 1 Accounts and Explanation Jul 31 Data Debit Credit