Montana Cycles started July with 24 bicycles that cost \$34 each. July 16, Montana Cycles bought 40 bicycles at $54 each. July 31, Montana Cycles sold 38 bicycles for $107 each. Prepare Montana Cycles perpetual inventory record assuming the company uses the FlFo inventory costing method. Total Cost of Goods Sold: $ Total Inventory on Hand: Total Cost: $ Journalize the July 16 purchase of merchandise inventory on account and the July 31 sale of merchandise inventory on account. Total Cost of Goods Sold: \$ Total Inventory on Hand: Total Cost: 9 Journalize the July 16 purchase of merchandise inventory on account and the july 31 sale of merchandise inventory on account