New Tech Cycles started October with 5 bicycles that cost $48 each. On October 16. New Tech purchased 30 bicycles at 555 each. On October 31 , New Tech sold 15 oicycles for $100 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 merchandist 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 chromological order, calculating new inventory on hand balances alter each trarsaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of imventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first Abbreviation used. QTY = Quantily. Tot = Total) debits first, then credits. Select the explanation on the tast line of the pounal entry tatlo) October 31: Sale of merchandlse 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 wil do that in the following step (Assume? that New Tech sold the bicydes for $100 each.) Now journalize the expense related to the October 31 sale. Review the perpetual inventory record you prepared in Requirement 1