Mountain Cycles started May with 5 bicycles that cost $48 each. On May 16, Mountain bought 30 bicycles at $55 each. On May 31, Mountain sold 15 bicycles for S90 each. Requirements 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account. Requirement 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the FIFO 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. (Enter the oldest inventory layers first. Abbreviation used: QTY Quantity Tot. Total) Mountain Cycles Cost of Goods Sold on Hand Date QTY Unit Cost Tot. CostQTYU Unit Cost Tot. Cost QTY Unit Cost Tot. Cost May 1