Washington Cycles started March with 25 bicycles that cost $65 each on March 16, Washington purchased 50 bicycles at $80 each. On March 31, Washington sold 42 bicycles for $100 each Requirements 1. Prepare Washington Cycle's perpetual inventory record assuming the company uses the LIFO Inventory costing method. 2. Joumalize the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise Inventory on account Requirement 1. Prepare Washington 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: OTY = Quantity, Tot. = Total) Washington Cycles Purchases Cost of Goods Sold Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost Mar. 1