California Cycles started March with $25$ bicycles that cost $$36$ each. On March $16,$ California purchased $35$ bicycles at $$60$ each On March $31,$ California sold $30$ bicycles for $$98$ each.

Requirements

Prepare California Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that California sold $20$ bicycles that cost $$36$ each and $10$ bicycles that cost $$60$ each.

Journalize the March $16$ purchase of merchandise inventory on account and the March $31$ sale of merchandise inventory on account.

Requirement $1.$ Prepare California Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that California sold $20$ bicycles that cost $$36$ each and $10$ bicycles that cost $$60$ 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$)$

California Cycles

$\backslash$table$[[$Date$,$Purchases,Cost of Goods. Sold,Inventory on Hand$],[$QTY$,$Unit Cost,Tot. Cost,QTY$,$Unit Cost,Tot. Cost,QTY$,$Unit Cost,Tot. Cost$],[$Mar$.1,,,,,,,,,]]$