Boston Cycles started October with 12 bicycles that cost $42 each. On October 16 , Boston purchased 40 bicycles at $68 each, On October 31 , Boston sold 34 bicycles for $100 each. Requirements 1. Prepare Boston Cycle's porpetual inventory record assuming the company uses the weighted-average inventory costing method. 2. Joumalize the Octobes 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account. Requirement 1. Prepare Boston Cycle's perpetual leventory record assuring the company uses the weightod-average inventory costing method. Requirement 2. Journalize the October 16 purchase of merchandise inventory on accourt and the October 31 sale of merchandise inventory on accourt. (Record debits first, then credits. Select the explanation on the last ine of the joumal entry tabte.) October 31: Sale of merchandise imventory on account. Begin by preparing the entry to joumasize the sole portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. (Assume that Bostan soid the bicycles Now pumaize the axperse related to the Ociober 31 swe