Washinglen Cycles staried August with 5 bicycles that cost $46 each, On August 16 . Washington purchased 30 bicydios at $55 each. On August 31 , Washinglon sold 29 bicycles for $110 each. Requirements 1. Prepare Washingtan Cyde's perpetual itwentory record astuming the company uses the LIFO irventary costing method. 2. Joumaliwe the August 15 purchase of merchandise inventory on account and the August 31 sale of morchandise inventccy on account. Roquirement 1. Prepare Washingion Cycle's perpetual inventory zoond assuming the compary uses the UFO inventory costing method Start by entaring the beginning inventory balances. Enter the iransactons in chronological onder, calculating new invertory on hand balances after each transacton. Once al of ene eansactions have been onternd into the perpetual record, calculate the quantly and total cost of inventory purchasod, sold, and on hand at the end of the period, (For cont of goods sold, enter the first layez out inder UFO costing fint, For inventory on hand, ectir the oldest inventory thyer fint Aborevidson used QTY = Quantify: Tot o Tota) Vashington Cycles started Auguas with 5 bicycles that cost $48 each. On August 16, Washington purchased 30 bicycles at $55 each. On Aupuat 31 , Washington sold 29 bicyclos for 5110 each. Requlrements 1. Prepare Washington Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method: 2. Journalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on account. Requirement 2. dournalize the August 16 purchase of morchandive inventory on acoount and the Aogust 31 salo of morchandise inventory on acoount. (Recocord debits frist, then credits. Select the explanaton on the last ine of the joumal entry table.) August 16: Purchased merchandise itwentory on account. August 31: Sale of merchandse inveotory on account. Begin by preparing the entry to joumaize the save portion of the traneaction Do not record the expense relabed to the sale. We will do that in the following this? (Assume that Washington soid the bicycles for $110 oachy Now journalize the expense related to the August 31 sale. Review the perpetual inventory record you prepared in Requirement 1