New Tech Cycles started March with 5 bicycles that cost $48 each. On March 16, New Tech bought 30 bicycles at $55 each. On March 31, New Tech sold 13 bicycles for $99 each. Requirements 1. Prepare New Tech Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the March 16 purchase of merchandise inventory on account and the March 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; TotTotal) New Tech Cycles Purchases Cost of Goods Sold Inventory on Hand Date Mar. 1 Mar. 16 QTY Unit Cost Tot. CostQTY Unit Cost Tot. CostQTY Unit Cost Tot. Cost Mar. 31 Totals Requirement 2. Journalize the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise inventory on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) March 16: Purchased merchandise inventory on account. Date Accounts and Explanation Debit Credit Mar. 16 March 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 the sale. We will do that in the following step (Assume that New Tech sold the bicycles for $99 each.) Date Accounts and Explanation Debit Credit Mar. 31 Now joumalize the expense related to the March 31 sale. Review the perpetual inventory record you prepared in Requirement 1 Date Accounts and Explanation Debit Credit Mar. 31