Try another version of this question Montana Cycles started July with 29 bicycles that cost $33 each. July 16, Montana Cycles bought 32 bicycles at $50 each. July 31, Montana Cycles sold 41 bicycles for $105 each. Prepare Montana Cycles perpetual inventory record assuming the company uses the FIFO 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 33 957 7/16 32 50 1,600 29 33 957 7/16 32 50 1,600 7/31 29 33 957 20 50 1,000 7/31 12 50 600 Date Description Debit Credit July 16 Merchandise Inventory 1,600 July 16 Accounts Payable 1,600 July 31 Accounts Receivable 4,305 July 31 Sales Revenue 4,305 July 31 Cost of Goods Sold 1,557 July 31 Merchandise Inventory 1,557