S6-5 (similar to) Question Help Mountain Cycles started July with 12 bicycles that cost $42 each. On July 16, Mountain bought 40 bicycles at $68 each. On July 31, Mountain sold 32 bicycles for $96 each. Requirements 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. 2. Journalize the July 16 purchase of merchandise inventory on account and the July 31 sale of merchandise inventory on account Requirement 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the LIFO 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. (For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand, enter the oldest inventory layer first. Abbreviation used: QTY = Quantity: Tot. = Total) Mountain Cycles Purchases Cost of Goods Sold Inventory on Hand Date QTY JUnit Cost Tot. Cost | QTY Unit Cost Tot. Cost | QTY (Unit Cost Tot. Cost Jul. 1 L L Enter any number in the edit fields and then click Check Answer. parts O remaining Clear All Check