AZ Cycles started August with 15 bicycles that cost $54 each. On August 16, AZ purchased 30 bicycles at $78 each. On August 31, AZ sold 25 bicycles for $98 each Requirements 1. Prepare AZ Cycle's perpetual inventory record assuming the company uses the weighted average inventory costing method. 2. Journalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on account Requirement 1. Prepare AZ Cycle's perpetual inventory record assuming the company uses the weighted average inventory costing method 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. (Abbreviation used QTY Quantity, Tot. Total) AZ Cycles Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Aug 1