Try another version of this question Montana Cycles started July with 26 bicycles that cost $34 each. July 16, Montana Cycles bought 33 bicycles at $51 each. July 31, Montana Cycles sold 35 bicycles for $110 each. Prepare Montana Cycles perpetual inventory record assuming the company uses the LIFO 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 26 34 884 7/16 33 51 1,683 26 34 884 7/16 33 51 1,683 7/31 33 51 1,683 24 34 816 7/31 2 34 68 Date Description Debit Credit July 16 Merchandise Inventory 1,683 July 16 Accounts Payable 1,683 July 31 Accounts Receivable 3,850 July 31 Sales Revenue 3,850 July 31 Cost of Goods Sold 1,751 July 31 Merchandise Inventory 1,751