Calfornia Cycles staned May with 12 bicycles that cost $42 each On May 16, Calfomia beught 40 bigycles at $68 each On May 31 , Calfornia sold 22 bicycles for $97 each Requirements 1 Prepare Calfornia Cycle's perpetual inventory record assuming the company uses the weighted average inventory costing method 2 Joumalize the May 16 purchase of merchandise imventory on account and the Moy 31 sale of merchandise inventory on accocunt Requirement 1 Prepare Calfornia Cycle's perpetual imentory record assuming the company uses the weighted average inventory costing method Stan by entering the beginving imventory balances Enter the transactions in chrocological ceder, calculating new invertory on hand bulances affer each fransaction Once all of the transactions haw explaration on the last ine of the journal entry Gitie ) Ealfornia Cycles started May with 12 bicycles that cost $42 each On May 16, Calfomia bought 40 bicycles at 568 each On May 31 , Californis sold 22 bicycles for $97 each tequirements 1 Prepare Calfornia Cycle's perpetual inventory record assuming the company uses the weighted average inventory costing method 2 Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandse inventory on account explanation on the last ine of the joumal eritry tabie) May 16 Purchased merchandse inventory on account May 31 Sale of morchandie inventory on account bicycies for sin each ) Wow journalue the experse related to the Moy 31 sale Calfomia Cycles started May with 12 bicycles that cost $42 each On May 16, Calfomia bought 40 bicycles at $68 each On May 31 , Calfornia sold 22 bicycles for $97 each Requirements 1 Prepare Caldornia Cycle's perpetual inventory record assuming the company vses the woighted average inventory costing method 2 Journalice the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account May 31 Sale of merchandise inventory on account Begin by preparha the entry to joumalize the sale portion of the transaction Do Rot record the expense retated to the saie We will do that in the following step (Alsaume ithat Calfomia sold the bicycles for $97 each) Now pournalite the experie reilated to the Moy 31 sale

Question

Calfornia Cycles staned May with 12 bicycles that cost $42 each  On May 16, Calfomia beught 40 bigycles at $68 each  On May 31 , Calfornia sold 22 bicycles for $97 each  Requirements 1  Prepare Calfornia Cycle's perpetual inventory record assuming the company uses the weighted average inventory costing method  2  Joumalize the May 16 purchase of merchandise imventory on account and the Moy 31 sale of merchandise inventory on accocunt  Requirement 1  Prepare Calfornia Cycle's perpetual imentory record assuming the company uses the weighted average inventory costing method  Stan by entering the beginving imventory balances  Enter the transactions in chrocological ceder, calculating new invertory on hand bulances affer each fransaction  Once all of the transactions haw explaration on the last ine of the journal entry Gitie ) Ealfornia Cycles started May with 12 bicycles that cost $42 each  On May 16, Calfomia bought 40 bicycles at 568 each  On May 31 , Californis sold 22 bicycles for $97 each  tequirements 1  Prepare Calfornia Cycle's perpetual inventory record assuming the company uses the weighted average inventory costing method  2  Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandse inventory on account  explanation on the last ine of the joumal eritry tabie) May 16  Purchased merchandse inventory on account  May 31   Sale of morchandie inventory on account  bicycies for sin each ) Wow journalue the experse related to the Moy 31 sale  Calfomia Cycles started May with 12 bicycles that cost $42 each  On May 16, Calfomia bought 40 bicycles at $68 each  On May 31 , Calfornia sold 22 bicycles for $97 each  Requirements 1  Prepare Caldornia Cycle's perpetual inventory record assuming the company vses the woighted average inventory costing method  2  Journalice the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account  May 31  Sale of merchandise inventory on account  Begin by preparha the entry to joumalize the sale portion of the transaction  Do Rot record the expense retated to the saie  We will do that in the following step  (Alsaume ithat Calfomia sold the bicycles for  $97 each) Now pournalite the experie reilated to the Moy 31 sale

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Calfornia Cycles staned May with 12 bicycles that cost $42 each. On May 16, Calfomia beught 40 bigycles at $68 each. On May 31 ,

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