New Tech Cycles staned August with 15 bicycles that cost $54 each. On August 16, New Tech purchased 30 bicycles at $78 each. On August 31, New Tech sold 28 bicycle for $30 each Requirements 1. 2 Prepare New Tech Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method Joumalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on account. Requirement 1. Prepare New Tech Cycle's perpetual invertory recont assuming the company uses the LIFO 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 transactors have been entered in the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold enter the first layer out under UFO costing first. For inventory on hand the oldest inventory layer first Abbreviation used QTY Quantity Total New Tech Cycles Inventory on Hand Purchases Date Aug 1 QTY Unit Cost Tot. Cost Cost of Goods Sold QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Aug 16 Aug 31 Totals