Innovation Cycles started January with 25 bicycles that cost $85 each. On January 16, Innovation baught 50 bicycles a: $80 each. On January 31, Innovalion sold 36 bicycles for $99 each 1. Prepare Innovation 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 Innovation Cycle's porpetual inventory record assuming the company uses the FIFO inventory costing mathod Start by entering the beginning inventory balances. Enter the transactions in chronological order, caculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, caloulate the quantity and total cost of inventory purchased, sold, and on hand at the end of the penod. (Enter the oldest inventory layers first Abbreviation used QTY = Quantity: Tot = Total) Innovation C Purchases Cost of Goods Sold on Hand Date QTY Unit Cost Tot. Cost OTY Unit Cost Tot CostQTYUnit Cost Tot. Cost