Try another version of this question Montana Cycles started July with 26 bicycles that cost $37 each. July 16, Montana Cycles bought 34 bicycles at $58 each. July 31, Montana Cycles sold 39 bicycles for $99 each. Assume Montana Cycles sold 21 bicycles that cost $37 each and 18 bicycles that cost $58 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 26 37 962 7/16 34 58 1,972 26 37 962 7/16 34 58 1,972 7/31 21 37 777 5 37 185 7/31 18 58 1,044 16 58 928 Date Description Debit Credit July 16 Merchandise Inventory 1,972 July 16 Accounts Payable 1,972 July 31 Accounts Receivable 3,861 July 31 Sales Revenue 3,861 July 31 Cost of Goods Sold 1,821 July 31 Merchandise Inventory 1,821