Cycles uses the FIFO inventory method to prepare a perpetual inventory record. started with bicycles that cost $ each. On , bought bicycles at $ each. On 30, sold bicycles. Use the above data to journalize: a. The 16 purchase of inventory on account. b. The 30 sale of inventory on account. sold each bicycle for $. c. Cost of goods sold under FIFO. Question content area bottom Part 1 Record transaction (a), the 16 purchase of inventory on account. (Record debits first, then credits. Explanations are not required.) Date Accounts Debit Credit October 16