Innovation Cycles started August with $25$ bicycles that cost $$65$ each. On August $16,$ Innovation purchased $50$ bicycles at $$80$ each. On August $31,$ Innovation sold $41$ bicycles for $$95$ each.

Requirements

Prepare Innovation Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method.

Journalize the August $16$ purchase of merchandise inventory on account and the August $31$ sale of merchandise inventory on account.

Requirement $1.$ Prepare Innovation Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. Total$)$