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Innovation Cycles started May with 25 bicycles that cost $65 each. On May 16 , Innovation purchased 50 bicycles at $80 each. On May 31. Innovation sold 39 bicycles for $99 each. Requirements 1. Prepare Innovation Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method Assume that Innovation sold 20 bicycles that cost $65 each and 19 bicycles that cost $80 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 Innovation Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Innovation sold 20 bicycles that cost $65 each and 19 bicycles that cost $80 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 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; Tot. = Total) Innovation Cycles started May with 25 bicycles that cost $65 each. On May 16 , Innovation purchased 50 bicycles at $80 each, On May 31 . Innovation sold 39 bicycles for $99 each: Requirements 1. Prepare Innovation Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Innovation sold 20 bicycles that cost $65 each and 19 bicycles that cost $80 each. 2. Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account. Requirement 2. Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) May 16: Purchased merchandise inventory on account. Innovation Cycles started May with 25 bicycles that cost $65 each. On May 16 , Innovation purchased 50 bicycles at $80 each. On May 31 , Innovation sold 39 bicycles for $99 each. Requirements 1. Prepare Innovation Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Innovation sold 20 bicycles that cost $65 each and 19 bicycles that cost $80 each. 2. Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account. May 31: Sale of merchandise inventory on account. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. (Assume that Innovation sold the bicycles for $99 each.) Now journalize the expense related to the May 31 sale. Review the perpetual inventory record you prepared in Requirement 1. Innovation Cycles started May with 25 bicycles that cost $65 each. On May 16 , Innovation purchased 50 bicycles at $80 each. On May 31. Innovation sold 39 bicycles for $99 each. Requirements 1. Prepare Innovation Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method Assume that Innovation sold 20 bicycles that cost $65 each and 19 bicycles that cost $80 each. 2. Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account. Now journalize the expense related to the May 31 sale. Review the perpetual inventory record you prepared in Requirement 1