3. Innovation Cycles uses the FIFO inventory method. Innovation started March with 10 bicycles that cost $60 each. On March 16, Innovation bought 20 bicycles at $70 each. On March 31, Innovation sold 25 bicycles. Requirement R1. Prepare Innovations perpetual inventory record. inventory 10 60 600 purchased 20 70 1400 sale 10 60 600 15 70 1050 4. Review the facts on Innovation Cycles in problem #3. Requirement R1. Prepare a perpetual inventory record for the LIFO method.
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