AZ Cycles started July with 25 bicycles that cost $65 each. On July 16, AZ bought 50 bicycles at $80 each. On July 31, AZ sold 40 bicycles for $98 each. Requirements 1. Prepare AZ Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that AZ sold 20 bicycles that cost $65 each and 20 bicycles that cost $80 each 2. Journalize the July 16 purchase of merchandise inventory on account and the July 31 sale of merchandise inventory on account. Requirement 1. Prepare AZ Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that AZ sold 20 bicycles that cost $65 each and 20 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: TotTotal) AZ Cycles Purchases Cost of Goods Sold Inventory on Hand Date Jul. 1 Jul, 16 QTY (Unit Cost Tot. CostQTY Unit Cost Tot. CostQTY Unit Cost Tot. Cost $65 $65 $80 $1625 $1625 $4000 25 50 $80 $4000 50 $65$1300 S80$1600 $2900 Jul. 31 20 20 $4000 Totals 50 40