Mountain Cycles started October with 15 bicycles that cost $75 each. On October 10, Mountain purchased 25 bicycles at 501 each. On October 31, Mountain sold 23 bicycles for 507 each Requirements 1 Prepare Mountain Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the October 10 purchase of merchandise inventory on account and the October 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 fest Abbreviation used: QTY Quantity: Tot. Total Mountain Cycles Purchases Cost of Goods Sold Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Inventory on Hand Unit Cost Tot. Cost Oct. 1 Oct 10. Oct 31 Totais Requirement 2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account. (Record debits Seat, then credits. Select the explanation on the last line of the journal entry table) Odober 10 Purchased merchandise inventory on account Date Accounts and Explanation Det 10) Debit Credit October 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 following step (Assume that Mountain sold the bicycles for $97 each) Det Date 31 Accounts and Explanation Debit Credit Mountain Cycles started October with 15 bicycles that cost 575 each. On October 16, Mountain purchased 25 bicycles at 501 each. On October 31, Mountain sold 23 bicycles for 507 each. Requirements 1. 2 Prepare Mountain Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. Journalize the October 10 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account. Totals Requirement 2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) October 18: Purchased merchandise inventory on account Date Accounts and Explanation Get 18 Debit Credit October 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 following step. (Assume that Mountain sold the bicycles for 507 each.) Oct Date Accounts and Explanation 31 Debit Credit Now journalize the expense related to the October 31 sale Raview the perpetual inventory record you prepared in Requirement t Oct Date 31 Accounts and Explanation Debit Credit