Requirements

Prepare Boston Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method.

Journalize the October $16$ purchase of merchandise inventory on account and the October $31$ sale of merchandise inventory on account.

Requirement $1.$ Prepare Boston Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method.

LIFO costing first. For inventory on hand, enter the oldest inventory layer first. Abbreviation used: QTY $=$ Quantity; Tot. $=$ Total$)$