New Tech Cycles started October with $15$ bicycles that cost $$54$ each. On October $16,$ New Tech purchased $30$ bicycles at $$78$ each. On October $31,$ New Tech sold $26$ bicycles for $$97$ each.

Requirements

Prepare New Tech Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method.

Journalize the October $16$ purchase of merchandise inventory on account and the October $31$ sale of merchandise inventory on account.

Requirement $1.$ Prepare New Tech Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 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$)$