Mountain Cycles started August with 5 bicycles that cost $48 each. On August 16, Mountain purchased 30 bicycles at $55 each. On August 31, Mountain sold 29 bicycles for $105 each. Requirements 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. Mountain Cycles started August with 5 bicycles that cost $48 each. On August 16, Mountain purchased 30 bicycles at $55 each. On August 31, Mountain sold 29 bicycles for $105 each. Requirements 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method