Try another version of this question Montana Cycles started July with 29 bicycles that cost $30 each. July 16, Montana Cycles bought 31 bicycles at $60 each. July 31, Montana Cycles sold 31 bicycles for $115 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 30 870 7/16 31 60 1,860 29 30 870 7/16 31 60 1,860 7/31 29 30 870 29 60 1,740 7/31 2 60 120 Date Description Debit Credit July 16 Merchandise Inventory 1,860 July 16 Accounts Payable 1,860 July 31 Accounts Receivable 3,565 July 31 Sales Revenue 3,565 July 31 Cost of Goods Sold 990 July 31 Merchandise Inventory 990