Montana Cycles started July with 25 bicycles that cost $36 each. On July 16, Montana bought 35 bicycles at $60 each On July 31, Montana sold 33 bicycles for $105 each. Requirements Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Montana sold 20 bicycles that cost $36 each and 13 bicycles that cost $60 each. 2. Journalize the July 16 purchase of merchandise inventory on account and the July 31 sale of merchandise inventory on account Montana sold 20 bicycles that cost $36 each and 13 bicycles that cost $60 each. 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)