Try another version of this question Montana Cycles started July with 24 bicycles that cost $37 each. July 16, Montana Cycles bought 38 bicycles at $58 each. July 31, Montana Cycles sold 36 bicycles for $111 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 24 37 888 7/16 38 58 2,204 24 37 888 7/16 38 58 2,204 7/31 24 37 888 26 58 1,508 7/31 12 58 696 Date Description Debit Credit July 16 Merchandise Inventory 2,204 July 16 Accounts Payable 2,204 July 31 Accounts Receivable 3,996 July 31 Sales Revenue 3,996 July 31 Cost of Goods Sold 1,584 July 31 Merchandise Inventory 1,584