California Cycles started May with 5 bicycles that cost $48 each. On May 16, California purchased 30 bicycles at $55 each. On May 31, California sold 16 bicycles for $96 each. Requirements Prepare California Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that California sold 3 bicycles that cost $48 each and 13 bicycles that cost $55 each. Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account. 1. 2. California Cycles Date May 1 May 16 May 31 Purchases QTY Unit Cost Tot. Cost 30 $ 55 $ 1,650 Cost of Goods Sold QTY ? ? Unit Cost Tot. Cost $ $ 48 55 ? ? QTY Inventory on Hand Unit Cost Tot. Cost 48 $ 48 $ 55 $ 48 55 5 $ 5 $ 30 $ ? $ $ ? 240 240 1,650 ? ?