Mountain cycles started August with 25 bicycles that cost $65 each. On august 16, mountain bought 50 bikes at $80 each. On August 32, Mountain sold 36 bicycles for $90 each.

Requirements:

Prepare Mountain Cycles perpetual inventory record assuming the company uses FIFO inventory costing method.

2. Journalize the August 16 purchase of merchandise inventory on account and the August 13 sale of merchandise inventory on account.

Start by entering the beginning inventory balances. Enter transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all the transactions have been entered into perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period.

Mountain Cyden tried August with 25 bicycles that coul 365 each. On August 16, Mountain bought 50 bicydes et 580 each. On August 31, Mountain sold bicycles for each Requirements 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the FIFO inventory conting method 2. Journaline the August 16 purchase of merchandise inventory on count and the August 31 sale of merchandise inventory on account Requirement 1. Prepare Mountain Cyde's perpetual inventory recordsuming the company use the PFO inventory costing method Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after eachtraction. Once all of the nations have to the perpetual remont calculate the quantity and total cost of inventory purchased, old, and on hand at the end of the period. (Enter the oldest inventory layers Abbreviation et GTYOTT Mountain Cycles Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tot. Cout QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Aug.1 Aug 16 Aug 31 Requirement 2 Journal the August 16 purchase of merchandise inwentary count and the August 31 of merchandise en contacted distrst, the August 16 Purchased merchandise inventory on account Date Account and Explanation Debit Credit Mountain Cycles started August with 25 bicycles that cost $65 each. On August 16, Mountain bought 50 bicycles Requirements Prepare Mountain Cycle's perpetual inventory record assuming the company uses the FIFO inventory COE Journalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merch August 16: Purchased merchandise inventory on account. Accounts and Explanation 1. 2. Date Debit Credit Aug. 16 August 31: Sale of merchandise inventory on account. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to th Date Accounts and Explanation Debit Credit Aug 31 Now journalize the expense related to the August 31 sale. Choose from any list or enter any number in the input fields and then continue to the next question esc Now journalize the expense related to the August 31 sale. Review the perpetual inventory record you prepared in Requirement 1. Date Accounts and Explanation Debit Credit Aug 31 Choose from any list or enter any number in the input fields and then continue to the next