New Toch Cycles unes August wen 25 bicycles that cout $36 each on August 16. Now Tech purchased 35 bicycles on 320 nach On August 31, Now Tech Hold 33 bycles tot 5105 euch. Requirements Prepare New Tech Cycle's perpetual inventory record assuming the company was the FIFO medor costro method Jouth August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on account 1. 2 Rerament 1. Prepare New Tech Cycles perpetua inventory record asuming the company to FIFO wventoryting method Start by entering the beginntry balances Enter the transactions in chronological order, calculating new inventory on hand balance after each bransaction. Once all of the transactions have been entered into the perpetual recon calculate the quantity and cost of eventory purchased, s, and on hand the end of the period. (nout the oldest inventory layers first bevation used OTY O Tote Total New Tech Cycles Purchase Cost of Good Sold Inventory on Hand Date Gry Unit Cost Tot. Cost OTY Unit Cost Tol Cost QTY Unit Com Tot. Cost Aug 1