Try another version of this question Montana Cycles started July with 25 bicycles that cost $38 each. July 16, Montana Cycles bought 30 bicycles at $55 each. July 31, Montana Cycles sold 27 bicycles for $102 each. Assume Montana Cycles sold 17 bicycles that cost $38 each and 10 bicycles that cost $55 each. Prepare Montana Cycles perpetual inventory record assuming the company uses the specific identification inventory costing method. Total Cost of Goods Sold: $ Total Inventory on Hand: Total Cost: $ Journalize the July 16 purchase of merchandise inventory on account and the July 31 sale of merchandise inventory on account. Purchases Cost of Goods Sold Inventory on Hand Dates Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 7/1 7/16 7/16 7/31 7/31 Date Description Debit Credit July 16 July 16 July 31 July 31 July 31 July 31 Purchases Cost of Goods Sold Inventory on Hand Dates Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost 7/1 25 38 950 7/16 30 55 1,650 25 38 950 7/16 30 55 1,650 7/31 17 38 646 8 38 304 7/31 10 55 550 20 55 1,100 Date Description Debit Credit July 16 Merchandise Inventory 1,650 July 16 Accounts Payable 1,650 July 31 Accounts Receivable 2,754 July 31 Sales Revenue 2,754 July 31 Cost of Goods Sold 1,196 July 31 Merchandise Inventory 1,196