SF6-5 (similar to) New Tech Cycles started March with 25 bicycles that cost $65 each On March 16, New Tech purchased 50 bicydes at $80 each On March 31, New Tech sold 38 bicycles for 595 Requirements 1. Prepare New Tech Cycle's perpetual inventory record assuming the company uses the LIFO Inventory coating method 2 Journalize the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise inventory on account Start by entering the beginning inventory balances Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction Once all of their perpetual record, calculate the quantity and total cost of inventory purchased, sold and on hand at the end of the period. (For cost of goods sold enter the first buyer out under UFO oldest inventory layer first. Abbreviation used QTY Quantity: Tot - Total) New Tech Cycles Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Mar 1 25$ G5s 1.625 Mar 16 505 80S 4.000 25$ 655 1.625 5015 8015 4.000 Mar 31 Enter any number in the