Try another version of this question Montana Cycles started July with 26 bicycles that cost $33 each. July 16, Montana Cycles bought 40 bicycles at $56 each. July 31, Montana Cycles sold 34 bicycles for $106 each. Assume Montana Cycles sold 20 bicycles that cost $33 each and 14 bicycles that cost $56 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 33 858 7/16 40 56 2,240 26 33 858 7/16 40 56 2,240 7/31 20 33 660 6 33 198 7/31 14 56 784 26 56 1,456 Date Description Debit Credit July 16 Merchandise Inventory 2,240 July 16 Accounts Payable 2,240 July 31 Accounts Receivable 3,604 July 31 Sales Revenue 3,604 July 31 Cost of Goods Sold 1,444 July 31 Merchandise Inventory 1,444