Mountain Cycles started May with 15 bicycles that cost $54 each On May 16, Mountain bought 30 bicycles at $78each On May 31, Mountain sold 26 bicycles for $100 each Requirements 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method 2. 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 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 Purchases Date QTY Unit Cost Tot. Cost May 1 Cost of Goods Sold QTY Unit Cost Tot Cost Inventory on Hand QTY Unit Cost Tot Cost