Washington Cycles started October with 12 bicycles that cost $42 each. On October 16, Washington purchased 40 bicycles at $68 each. On October 31, Washington sold 32 bicycles for $100 each. Requirements 1. 2. Prepare Washington Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account. costing first. For inventory on hand, enter the oldest inventory layer first. Abbreviation used: QTY = Quantity; Tot. = Total) Washington Cycles Purchases Cost of Goods Sold Inventory on Hand Date Oct. 1 QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost 12 $ 42 $ 504 Oct. 16 40 $ 68 $ 2,720 12 $ 42 $ 504 40 $ 68 $ 2,720 Oct. 31 32 2 $ 68