Boston Cycles started October with 15 bicycles that cost $75 each. On October 16, Boston bought 25 bicycles at $91 each. On October 31, Boston sold 20 bicycles for $98 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 $75 each and 10 bicycles that cost $91 each. 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 $75 each and 10 bicycles that cost $91 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 Cost of Goods Sold Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost 15 $ 75 $ 1,125 Oct. 1 Oct. 16 25 $ 91 | $ 2,275 15$ 75 $ 1,125 25$ 91 $ 2,275 Oct. 31 $ 75 $ 75 $ 91 15$ 91 Enter any number in the edit fields and then click Check