S6-5 (similar to) Assigned Media Question Help New Tech Cycles started May with 12 bicycles that cost 542 each On May 16, New Tech bought 40 bicycles at $68 each On May 31 New Tech sold 27 bicycles for $99 each Requirements 1. Prepare New Tech Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method 2. Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise Inventory on account Requirement 1. Prepare New Tech 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 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 layer out under LIFO costing first. For inventory on hand enter the 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 May 1 Enter any number in the edit fields and then click Check