Mountain Cycles started January with 15 bicycles that cost $75 each. On January 16, Mountain purchased 25 bicycles at $91 each. On January 31, Mountain sold 23 bicycles for $105 each. Requirements Prepare Mountain Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account. Mountain Cycles Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tot. Cost OTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Jan. 1 Jan. 16 Jan. 31 Totals Requirement 2. Journalize the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account. (Record debits first, then credits. Select the explanation on the journal entry table.) Choose from any list or enter any number in the input fields and then continue to the next question Requirement 2. Journalize the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on the journal entry table.) January 16: Purchased merchandise inventory on account. Date Accounts and Explanation Debit Credit Jan. 16 January 31: Sale of merchandise inventory on account. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the foll Choose from any list or enter any number in the input fields and then continue to the next question. January 31: Sale of merchandise inventory on account. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expenser Debit Credit Date Accounts and Explanation Jan. Now journalize the expense related to the January 31 sale. Review the perpetual inventory record you prepared in Requirement 1. Date Accounts and Explanation Debit Credit Jan. 31 Choose from any list or enter any number in the input fields and then continue to the next question. Type here to search O