Requirement $1.$ Prepare California $?$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 transactions have been entered into the perpetual? record, calculate the 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$)$Requirement $2.$ Journalize the$$ August $16$ purchase of merchandise inventory on account and the August $31$ sale of merchandise inventory on account. $?($Record debits? first, then credits. Select the explanation on the last line of the journal entry? table.$)$August $16?$: Purchased merchandise inventory on account.August $31?$: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 California sold the bicycles for $ $105?$each.$)$