Score: 0 of 5 pts 2 of 5 (2 complete) HW Score: 40%, 10 of 25 p S6-5 (similar to) Question Help California Cycles started July with 12 bicycles that cost $42 each On July 16. California bought 40 bicycles at 68 each On July 31, California sold 25 bicycles for 500 each Requirements 1. Prepare California 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 California 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 quanty and total cost of inventory purchased Sold and on hand at the end of the period of cost of goods sold enter the layer out under FO Costing first Fornventory on hand enter the destentory layers Abbreviation used QIY Toto California Cycles Enter any number in the edit fields and then click Check Answer Clear All Check Answer 6 parts remaining Question S6-5 (similar to) California Cycles started July with 12 bicycles that cost $42 each On July 16. California bought 40 bicycles at $68 eachOn July 31, California sold 25 bicycles for $99 e Requirements 1. Prepare California 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 wa Taver purpLUI, IL Quay USI UV PUISUUS, U OF Peru For 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) California Cycles Purchases Date QTY Unit Cost Tot. Cost Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost Jul 1 Enter any number in the edit fields and then click Check Answer. Check Answi Clear All 6 o parts remaining a hO