New Tech Cycles started Oetober with 25 bicycles that cost $36 each. On October 16...
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New Tech Cycles started Oetober with 25 bicycles that cost $36 each. On October 16 , New Tech purchased 35 bicycles at $60 each. On October 31, New Toch scld 33 bicycles for $100 each Requirements 1. Prepace New Tech Cycle's perpotual inventory record assuming the company uses the FIFO inventory costing inethod. 2. Jeurnalize the October 16 purchase of merchandise inventory on account and the October 31 sale of menchandise inventory on account. Requirement 1. Prepare New Tech Cyde's perpetual inventory record assuming the company uses the FIFO inventory costing methed Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand bolances aher each transaction. Once all of the transactions fo been entered into the perpetual record, calculate the quantity and total cost of inventery purchased, wold, and an hand at the end of the period. (Entler the oldest invertory loyen fint Abbrevation used: QTY= Quantity, T0C= Total)
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