Score: 0 of 15 pts HW Score: 0%, 0 of 100 p 4 of 7 (0 complete)v S6-4 (similar to) Question Help $68 each. On May 31, Innovation sold 23 bicycles for $110 each. Innovation Cycles started May with 12 bicycles that cost $42 each. On May 16, Innovation bought 40 bicycles Requirements the FIFO Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account 2 Requirement 1. Prepare Innovation Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. transactions have been entered into the perpetual record, calculate the uantiby and total.cost.of inwenton urchased sold and on hand at the and of the rand Enter the oldest inwentory layers frst Ahbreviation used: OTYQuantity TotTotal Innovation Cycles Purchases Cost of Goods Sold Inventory on Hand QTY Unit Cost Tot. Cost OTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Date May 1