Mountain Cycles started May with $12$ bicycles that cost $$42$ each. On May $16,$ Mountain purchased $40$ bicycles at $$68$ each. On May $31,$ Mountain sold $22$ bicycles for $99$ each

Requirements

Prepare Mountain Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method.

Journalize the May $16$ purchase of merchandise inventory on account and the May $31$ sale of merchandise inventory on account

Requirement $1.$ Prepare Mountain 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 Ifar 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 ou first. For inventory on hand, enter the oldest inventory layer first. Abbreviation used: QTY $=$ Quantity; Tot. $=$ Total$)$

Mountain Cycles

$\backslash$table$[[\backslash$table$[[$Date$],[$May $1]],$Purchases,Cost of Goods Sold,Inventory on Hand$],[$QTY$,$Unit Cost,Tot. Cost,QTY$,$Unit Cost,Tot. Cost,$\frac{QTY}{12},$Unit Cost,Tot. Cost$],[,,$$$,42,$$$,504],[$May $16,40,68,$$$,2,720,,,,12,$$$,42,$$$,504],[,8,,,,,,40,$$$,68,$$$,2,720],[$May $31,,,,22,68,2040,,,,,],[,,,,,,,,,,,]]$