Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston bought 40 bicycles at 888 each On October 31, Baston soid 34 bicycles for $100 each Requirements 1. Prepare Boston Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method Assume that Boston sold 10 bicycles that cost $42 each and 24 bicycles that cost $68 cach. 2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account Requirement 1. Prepare Boston Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Boston sold 10 bicycles that cost $42 each and 24 bicycles that cost $68 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) Boston Cycles Purchases Inventory on Hand QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Oct. 1 123 42 $ 504 Oct 16 40$ 66 S 2720 12 $ 42 s 504 40 $ 685 Oct 31 Cost of Goods Sold Date incorre 2.720 Enter any number in the edit fields and then click Check Answer Clear All Final Check Tutoring Final Check Help Me Solve This Get More Help