Boston Cycles started March with 5 bicycles that cost $48 each. On March 16, Boston purchased 30 bicycles at $55 each. On March 31, Boston sold 13 bicycles for $98 each. Requirement 1. Prepare Boston 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) Boston 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 Mar. 1 Mar. 16 Mar. 311 Totals Requirement 2. Journalize the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise inventory on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Check your spelling carefully and do not abbreviate.) March 16: Purchased merchandise inventory on account. Mar. Date Accounts and Explanation 16 inventoni on account Debit Credit