Mountain Cycles started. August with 25 bicycles that cost $65 each. On August 16, Mountain purchased 50 bicycles at $80 each. On August 31 , Mountain sold 41 bicycles for $106 each. Requirements 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the FIFO 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 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the FIFO 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. (Enter the oldest inventory layers first. Abbreviation used: QTY = Quantity; Tot = Total) Mountain Cycles started August with 25 bicycles that cost $65 each. On August 16 , Mountain purchased 50 bicycles at $80 each. Mountain sold 41 bicycles for $106 each. Requirements 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on account