Mountain Cycles started August with 25 bicycles that cost $65 each. On August 16, Mountain bought 50 bicycles at S80 each. On August 31, Mountain sold 42 bicycles for $99 each. Requirements 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. 2.Journalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on account. Requirement 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the LIFO 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. For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand, enter the oldest inventory layer first. Abbreviation used: QTY QuantityTot. Total) Mountain Cycles Purchases Cost of Goods Sold on Hand Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. CostQTY Unit Cost Tot. Cost 25 S 25 $651,625 50 S80 4,000 65 S1,625 Aug. 16 S 80S 4,000 Aug. 31