Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston bought 40 bicycles at s68 each. On October 31, Boston sold 34 bicycles for $100 each Requirements 1. Prepare Boston Cycle's perpetual inventory record assuming the company uses the weighted average inventory costing method Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of marchandiso inventory on account. 2. 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 Date QTY Unit Cost Tot. Cost Oct 1 Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand Unit Cost Tot Cost QTY