>> Save Boston Cycles started October with 12 bicyces that cost $42 each on October 16, Boston bought 40 bicycles at $68 each. On October 31, Boston sold 34 bicycles for $100 each Requirements 1. Prepare Boston Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method 2 Joumalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account Requirement 1. Prepare Boston Cycle's perpetua inventory record assuming the company uses the FIFO inventory costing method Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers frst. Abbreviation used: OTY Quartly Tot. Total) Boston Cycles Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Oct 1 125 425 504 (Oct 10 40$ 685 2.720 12$ 42$ 500 405 685 2.720 Oct 31 incorrec Enter any number in the edit fields and then click Check Answer Tutoring Help Me Solve This Get More Help Clear All Final Check