Requirements 1. Prepare Calfornia Cydies perpetial invensory record assuming the company uses the FIFO inventory costing mothod. 2. Joumalize the July 16 purchase of merchandse invantory on account and the July 31 sale of menchandise invertory on account Requirement 1. Prepare Calfornia Cycle's perpetual ieventory record assuming the compary uses the FifO inventory posting method Ahbreviation used: OTY = Quantity, Tot = Total)