New Tech Cycles started July with $12$ bicycles that cost $$42$ each. On July $16,$ New Tech purchased $40$ bicycles at $$68$ each. On July $31,$ New Tech sold $20$ bicycles for $$96$ each.

Requirements

Prepare New Tech Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method.

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

Requirement $1.$ Prepare New Tech 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$)$

New Tech Cycles

$\backslash$table$[[$Purchases$,$Cost of Goods Sold,Inventory on Hand,$],[$Date$,$QTY$,$Unit Cost,Tot. Cost,QTY$,$Unit Cost,Tot. Cost,QTY$,$Unit Cost,Tot. Cost$],[$Jul$.1,,,,,,,,,]]$