Mountain cycles uses the FIFO Inventory method. Mountain started Aug with 12 Bikes that cos $42 each. On Aug 16, mountain brought 40 bike at $68 each. On Aug 31, Mountain sold 36 bikes. 1. Journalize the Aug 16 purchase of Inventory 2. Journalize August 31 Sale of Inventory, mountain sold each bike $84 3. Journalize the cost of good sold under FIFO 1. The August 16 purchase of Inventory of Account. 2. The August 31 Sale of Inventory. Mountain sold each bike $84 3. Cost of Good sold under FIFO on Aug 31

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