Schwenn Cycles uses the FIFO inventory method to prepare a perpetual inventory record Schwenn started July with ten bicycles that cost $205 each On July 16, Schwenn bought 40 bicycles at $220 each On July 30, Schwenn sold 30 bicycles Use the above data to journalize a. The July 16 purchase of inventory on account b. The July 30 sale of inventory on account Schwenn sold each bicycle for $420 c. Cost of goods sold under FIFO ave Schwenn Cycles uses the FIFO inventory method to prepare a perpetual inventory record Schwenn started July with ten bicycles that cost $205 each On July 16, Schwenn bought 40 bicycles at $220 each On July 30, Schwenn sold 30 bicycles Use the above data to journalize a. The July 16 purchase of inventory on account b. The July 30 sale of inventory on account Schwenn sold each bicycle for $420 c. Cost of goods sold under FIFO Record transaction (a), the July 16 purchase of inventory on account (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit Jul 8,800 16 Inventory Accounts Payable 8 800 Record transaction (b) the July 30 sale of inventory on account Schwenn sold each bicycle for $420 Begin with the sale transaction only Journal Entry Accounts Debit Date Credit 12 600 Jul 30 || Accounts Receivable 12 600 Sales Revenue Record transaction (b), the July 30 sale of inventory on account Schwenn sold each bicycle for $420 Begin with the sale transaction only Journal Entry Date Accounts Debit Credit Jul 30 Accounts Receivable 12,600 Sales Revenue 12.600 Finally, record transaction (C) for the cost of goods sold under FIFO Journal Entry Date Accounts Debit Credit Jul 30 Cost of Goods Sold Inventory Check ans Calculator Help me solve this Clear all Ask my instructor Journal Entry Date Accounts Debit Credit Jul 30 | Accounts Receivable 12,600 Sales Revenue 12,600 Finally, record transaction (C) for the cost of goods sold under FIFO. Journal Entry Date Accounts Debit Credit Jul 30 Cost of Goods Sold Inventory