S6-4 (similar to) Question Help California Cycles started October with 12 bileydes that cost $42 each On October 16, California bought a bicycles at 588 each on October 31. California soid bicycles for $106 each Requirements 1. Prepare California Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method 2 Joumalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account 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 atter each transaction Once of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased sold, and on and the end of the period. Enter the oldest inventory layers first. Abbreviation used. QTY Quantly, Toe Total California Cycles Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tot. Cost QTY Unit Cost Tol Cost OTY Unit Cost Tot. Cost JO1