Montana Cycles started July with 29 bicycles that cost $38 each.

July 16, Montana Cycles bought 35 bicycles at $60 each.

July 31, Montana Cycles sold 37 bicycles for $109 each.

Prepare Montana Cycles perpetual inventory record assuming the company uses the LIFO inventory costing method.

Inventory

	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

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.

Journal

Date	Description	Debit	Credit
July 16	Accounts PayableAccounts ReceivableCost of Goods SoldMerchandise InventorySales Revenue
July 16	Accounts PayableAccounts ReceivableCost of Goods SoldMerchandise InventorySales Revenue
July 31	Accounts PayableAccounts ReceivableCost of Goods SoldMerchandise InventorySales Revenue
July 31	Accounts PayableAccounts ReceivableCost of Goods SoldMerchandise InventorySales Revenue
July 31	Accounts PayableAccounts ReceivableCost of Goods SoldMerchandise InventorySales Revenue
July 31	Accounts PayableAccounts ReceivableCost of Goods SoldMerchandise InventorySales Revenue