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S6-4 (similar to) Question Help O Innovation Cycles started October with 12 bicycles that cost $42 each. On October 16, Innovation bought 40 bicycles at $68 each. On October 31, Innovation sold 28 bicycles for $95 each. Requirements 1. Prepare Innovation Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the October 16 purchase of merchandise inventory on account and the October 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. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first. Abbreviation used: QTY = Quantity: Tot. = Total) Innovation Cycles Purchases Cost of Goods Sold Inventory on Hand QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Oct. 1 Date Enter any number in the edit fields and then click Check Answer. ? 6 parts Clear All Check Answer remaining