AZ Cycles started May with 15 bicycles that cost $54 each. On May 16, AZ bought 30 bicycles at $78 each. On May 31, AZ sold 20 bicycles for 598 each. Requirements 1. Prepare AZ Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that AZ sold 5 bicycles that cost $54 each and 15 bicycles that cost $78 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 AZ Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that AZ sold 5 bicycles that cost $54 each and 15 bicycles that cost $78 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) AZ Cycles Purchases Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost Date QTY Unit Cost Tot. Cost May 1