Quente Assed Media Washington Cycles started January with 25 bicydes that con 565 each on January 16, Washington purchased 50 biydes w 580 each On January 31, Washington sobides each Requirements 1. Prepare Washington Cycle's perpetual inventory record assuming the company was the FFO Inventory costing method 2. Journalize the January 16 purchase of merchandise Inventory on account and the January 31 sale of merchandise Inventory on account Requirement 1. Prepare Washington 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 blancasar cach transaction. Once at the residen we been here we pers record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period (Enter the oldest rary layers fint Abbreviation and QTY - Otto Washington Cycles Purchases Date OTY Unit Cost Tot. Cost Jan 1 Coat of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QIY Unit Cost Tol Cost 25 $ 65 GS