Try another version of this question Montana Cycles started July with 29 bicycles that cost $39 each. July 16, Montana Cycles bought 39 bicycles at $55 each. July 31, Montana Cycles sold 37 bicycles for $96 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 39 1,131 7/16 39 55 2,145 29 39 1,131 7/16 39 55 2,145 7/31 29 39 1,131 31 55 1,705 7/31 8 55 440 Date Description Debit Credit July 16 Merchandise Inventory 2,145 July 16 Accounts Payable 2,145 July 31 Accounts Receivable 3,552 July 31 Sales Revenue 3,552 July 31 Cost of Goods Sold 1,571 July 31 Merchandise Inventory 1,571