Schwenn Cycles uses the FIFO inventory method to prepare a perpetual inventory record. Schwenn started June with five bicycles that cost S190 each On June 16, Schwenn bought 20 bicycles at $200 each On June 30, Schwenn sold 15 bicycles. Use the above data to journalize a. The June 16 purchase of inventory on account b. The June 30 sale of inventory on account Schwenn sold each bicycle for $240 c. Cost of goods sold under FIFO Record transaction (@), the June 16 purchase of inventory on account (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit Jun Record transaction (b), the June 30 sale of inventory on account. Schwenn sold each bicycle for $240. Begin with the sale transaction only Journal Entry Accounts Debit Credit Date Jun Finally, record transaction (c) for the cost of goods sold under FIFO, Journal Entry Date Accounts Debit Credit Jun