New Tech Cychom started October with 2 bicycles that cost 542 each On October 16, New Tech purchased 40 bicythe 34 act. On Odaber 31, Kona Tech dd 25 beste Requirements Prepare New Tech Cyde's perpetual Inventory record assuming the company uses the FIFO invertory conting method. Journal the October 16 purchase of merchandise inventory on account and the October 31 nie of merchandiseryone 1. 2 Requirement 1. Prepare Now Tech Cydle's perpetua inventory record tuming the company uses the PFO invertory costing method Start by entering the beginning inventory balance. Enter the transaction in chronological onder clouting new Inventory and then the the perpetual record, calculate the quality and total cost of inventory purchased, old and on hand at the end of the theory OY New Tech Cycles Purchases Date QTY Unit Cost Tol Cost Oct. Oct 10 401 2.720 Coat of Goods Sold QTY Unit Cost Tot. Coat Inventory en Hand QTY Unit Cost Tot Cost 28 435 504 15 13 504 105 2720 12 42 504 Oct 31 00