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Innovation Cycles started March with 25 bicycles that cost $65 each. On March 16 , Innevation purchased 50 bicycles at 560 each. On March 31 , Innovation sold 34 bicycles for $110 each, Requirements 1. Prepare innovation Cycle's perpetual inventory record assuming the company uses the weighted-avecage inventory conting method. 2. Jourmalize the March 16 purchase of merchandise inventory on oocount and the March 31 sale of merchandise inventory on account: Requirement 1. Prepare Innovation Cycla's perpetual inventory record assuming the company usos the weighted-iverage inventory conting mathod. Start by entering the beginning inventory bolances. Enter the transactions in chronological order, calculating new inventory on hand balances aher each transaction. Once all of ehe transoctions have been entered into the perpetual record, calculate the quantify and total cost of inventory purchased, sold, and on hand at the end of the period. (Abbrevation used: ary Quantry Tot = Totah) Hercula Cycles started March with 12 bicycles that cost $42 each. On March 16 . Hercula purchased 40 bicycles at $68 each. On March 31 , Hercula sold 36 bicycles for $105 each. Requirements 1. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the March 16 purchase of merchandise inventory on account and the March 31 saie of merchandise inventory on account. Requirement 1. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances affer each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first. Abbreviation used: QTY= Quantity, ToL = Total) Mountain Cycles started May with 5 bicycles that cost $48 each. On May 16, Mountain purchased 30 bicycles at $55 each. On May 31 , Mountain sold 11 bicycles for $98 each. Requirements 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Mountain sold 3 bicycles that cost $48 each and 8 bicycles that cost $55 each. 2. Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account Requirement 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Mountain sold 3 bicycles that cost $48 each and 8 bicycles that cost $55 each. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions havo been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold. and on hand at the end of the period. (Enter the oldest inventory layers first. Abbreviation uned: QTY = Quantity; Tot. = Total)