Mountain Cycles started July with 25 bicycles that cost $65 each On July 16, Mountain bought 50 bicycles at each On July 31, Mountains Requirements 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the UFO inventory conting method 2 Joumalize the July 16 purchase of merchandise inventory on account and they 31 sale of merchandise inventory on court 19 dies for each Requirement 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the LIFO Inventory coing method Start by entering the beginning inventory balances Enter the transactions in chronological order, calculating new invertory on hand balances her each transaction. Once of transion calculate the quantity and total cost of inventory purchased, cold, and on hand at the end of the period. (For cost of goods sold for the first layer o nder Focowing that Porrory Abbreviation used: aTY Quantity: Tot Total) av been entendre e l record and the destroy left Mountain Cycles Purchases Cost of Goods Sold eventory on Hand QTY Unit Cost Tot. Cost QTY Unit Cost Tol Cost QTY Unit Cost Tot. Cool Totals che portion on the w a y 31 of merchandise inventory on account Record debit first, then credit Requirement 2. Journalize the July 16 purchase of merchandise inventory on account and they July 16: Purchased merchandise inventory on account. Date Accounts and Explanation Debit Credit