Califomia Cycles started October with $25$ bicycles that cost $$65$ each. On October $16,$ California bought $50$ bicycles at $$80$ each. On October $31,$ California sold $40$ bicycles for $$97$ each.

Requirements

Prepare Califomia 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 merchandise inventory on account.