Innovation Cycles started March with $12$ bicycles that cost $$42$ each. On March $16,$ Innovation purchased $40$ bicycles at $$68$ each. On March $31,$ Innovation sold $22$ bicycles for $$105$ each.

Requirements

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

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

$\backslash$table$[[$Innovation Cycles$],[$Date$,$Purchases,Cost of Goods Sold,Inventory on Hand$],[$QTY$,$Unit Cost,Tot. Cost,QTY$,$Unit Cost,Tot. Cost,QTY$,$Unit Cost,Tot. Cost$],[$Mar$.1],[$Mar$.16],[$Mar $31],[$Totals$,,,,,,=,,,]]$

Requirement $2.$ Journalize the March $16$ purchase of merchandise inventory on account and the March $31$ sale of merchandise inventory on account. $($Record debits first, then credits. Select ti on the last line of the journal entry table.$)$

March $16$: Purchased merchandise inventory on account.

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[$Mar$.,16,,]]$