Try another version of this question Montana Cycles started July with 29 bicycles that cost $34 each. July 16, Montana Cycles bought 33 bicycles at $52 each. July 31, Montana Cycles sold 33 bicycles for $112 each. Assume Montana Cycles sold 23 bicycles that cost $34 each and 10 bicycles that cost $52 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 29 34 986 7/16 33 52 1,716 29 34 986 7/16 33 52 1,716 7/31 23 34 782 6 34 204 7/31 10 52 520 23 52 1,196 Date Description Debit Credit July 16 Merchandise Inventory 1,716 July 16 Accounts Payable 1,716 July 31 Accounts Receivable 3,696 July 31 Sales Revenue 3,696 July 31 Cost of Goods Sold 1,302 July 31 Merchandise Inventory 1,302