New Tech Cycles started October with 12 bicycles that cost $42 each. On October 16, New Tech purchased 40 bicycles at 800 each. On October 31, Nine Tech sold 22 bicycles for 8106 each Requirements 1. Prepare New Tech Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method 2 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 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 actions have been and into the perpetual record, calculate the quanity and total cost of inventory purchased, sold, and on hand at the end of the period. Enter the oldest aventory as first Abortion used ary Quantity Tot Total) New Tech Cycles Purchases Date Det 1 QTY Unit Cost Tot. Cost Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot Cost Oct 10 Oct 31 Totale Remement analize the Other Mean of manniment on start the term d New Tech Cycles started October with 12 bicycles that cost $42 each. On October 16, Now Tech purchased 40 bicycles at 568 each. On October 31, New Tech sold 22 bicycles for $100 each Requirements 1. 2 Prepare Now 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 Submit test Requirement 2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account (Record debts first, then credits. Select the explanation on the last line of the journal entry table) Odober 16 Purchased merchandise inventory on account Date Accounts and Explanation Oct 16 Debit Credit October 31: Sale of merchandise inventory on account Blogin 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 stap (Assume that New Tach sold the bicycles for $100 each) Date Accounts and Explanation Debit Credit New Tech Cyces started October with 12 bicycles that cost $42 each. On October 10, New Tech purchased 40 bicycles at 500 each. On October 31, New Tech sild 22 bicycles for $100 each Requirements 1. 2. Prepare Now Tech Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method Joumalize the October to purchase of merchandise inventory on account and the 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 New Tech sold the bicycles for $106 each) Date Accounts and Explanation Oct. 31 Debit Now journalize the expense related to the October 31 sale. Review the perpetual inventory record you prepared in Requirement 1.1 Oct Date Accounts and Explanation 31 Credit Debit Credit New Tech Cycles started October with 12 bicycles that cost $42 each: On October 16. New Tech purchased 40 bicycles at $68 each. On October 31, New Tech sold 22 bicycles for $100 each Requirements 1 2. 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. Oct Late Accounts and Explanation Deb Cream 21 Now journalize the expense related to the October 31 sale Review the perpetual inventory record you prepared in Requirement t Oct Date Accounts and Explanation: 31 Debit Credit