Innovation Cycles started July with 25 bicycles that cost $65 each. On July 16, Innovation bought 50 bicycles at $80 each. On July 31, Innovation sold 41 bicycles for $97 each. Requirements 1. Prepare Innovation Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the July 16 purchase of merchandise inventory on account and the July 31 sale of merchandise inventory on account