Try another version of this question Montana Cycles started July with 27 bicycles that cost $33 each. July 16, Montana Cycles bought 35 bicycles at $50 each. July 31, Montana Cycles sold 40 bicycles for $97 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 27 33 891 7/16 35 50 1,750 27 33 891 7/16 35 50 1,750 7/31 35 50 1,750 22 33 726 7/31 5 33 165 Date Description Debit Credit July 16 Merchandise Inventory 1,750 July 16 Accounts Payable 1,750 July 31 Accounts Receivable 3,880 July 31 Sales Revenue 3,880 July 31 Cost of Goods Sold 1,915 July 31 Merchandise Inventory 1,915