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Calfornia Cycles started January with 15 bicycles that cost $54 each. On January 16 , California purchased 30 bicycles at $78 each. On January 31 , California sold 28 bicycles for $95 each. Requirements 1. Prepare California Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account. Requirement 1. Prepare California Cycle's perpetual inventory record assuming the company uses the FIFO 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. (Enter the oldest inventory layers first. Abbreviation used: QTY = Quantity: Tot = Total) California Cycles started January with 15 bicycles that cost $54 each. On January 16 , California purchased 30 bicycles at $78 each. On January 31, Califomia sold 28 bicycles for $95 each. Requirements 1. Prepare Calffornia Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account. Requirement 2. Journalize the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) January 16: Purchased merchandise inventory on account. January 31: Sale of merchandise inventory on account. Begin by preparing the entry to joumalize 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 $95 each.) California Cycles started January with 15 bicycles that cost $54 each. On January 16 , California purchased 30 bicycles at $78 each. On January 31, California sold 28 bicycles for $95 each. Requirements 1. Prepare California Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account. Begin by prepanng the entry to journalize the sale portion of the transaction, vo not record the expense related to the saie. We will do that in the following step. (Assume that California sold the bicycles for $95 each.) Now journalize the expense related to the January 31 sale. Review the perpetual inventory record you prepared in Requirement 1