Innovation Cydles started January with 25 bicycles that cost $65 each. On January 16. Innovation bought 50 bcydes at $80 each. On January 31, Innavation sold 38 bicycles for $99 each. Proparo innovation Cyclo's perpetual inventory rocord assuring 0 company uses the FIFO inventory oosting method. Jounaize the January 16 purchase of marchandise inventory on account and the January 31 sale af merchandise invetory on account. Requirement 1 Prepare Innovation Cycle's perpetual inventory reord assuming the mpany uses the FIFO inventory costing method. Start by entering the beginning inwentory balances. Enter the transactions in chronological order, cakulating new invantory on hand balances after each transaction. Onoe al of the transactions have been entored into the parpotual record, cakulate the quanity and botal cost of inwentory purchased, sold, and on hand at the end of the period. Enter the odest inventory layers first. Abbreviation used: QTY- Quan ty: Tol-Tota n Cycles TY Unit Cost Tot. Cost TY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost