ssignment 1 + Question 3, SF6-5 (similar to) Part 3 of 7 HW Score: 42.06%, 1.68 of 4 points Points: 0.29 of 1 Save Washington Cycles started July with 25 bicycles that cost $65 each. On July 16, Washington purchased 50 bicycles at $80 each. On July 31, Washington sold 41 bicycles for $97 each. Requirements 1. 2. Prepare Washington Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. Journalize the July 16 purchase of merchandise inventory on account and the July 31 sale of merchandise inventory on account. hand at the end of the period. (For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand, enter the oldest inventory layer first. Abbreviation used: QTY = Quantity; Tot. = Total) Washington Cycles 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 25 $ 65 $ 1,625 Jul. 16 50 $ 80 $ 4,000 25 $ 65 $ 1,625 50 $ 80 $ 4,000 Jul. 31 41 97 3,977 text pages Get more help - Search D Clear all Check answer A + B 10:05 PM 8/14/2023