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. 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 bee 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) 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