Try another version of this question Montana Cycles started July with 25 bicycles that cost $34 each. July 16, Montana Cycles bought 40 bicycles at $59 each. July 31, Montana Cycles sold 34 bicycles for $109 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 25 34 850 7/16 40 59 2,360 25 34 850 7/16 40 59 2,360 7/31 34 59 2,006 25 34 850 7/31 6 59 354 Date Description Debit Credit July 16 Merchandise Inventory 2,360 July 16 Accounts Payable 2,360 July 31 Accounts Receivable 3,706 July 31 Sales Revenue 3,706 July 31 Cost of Goods Sold 2,006 July 31 Merchandise Inventory 2,006