Homework: Chapter 06 Homework Save HW Score: 0%, 0 of 4 pts Question Help core: 0 of 1 pt 3 of 4 (1 complete) 56-6 (similar to) Boston Cycles startedly with 25 bicycles that cost $65 each. On July 16, Boston bought 50 bicycles at $80 each. On July 31, Boston sold 44 bicycles for $106 each. Requirements 1. Prepare Boston Cycle's perpetual inventory record assuming the company uses the weighted average inventory costing method. 2. Journalize the July 16 purchase of merchandise inventory on account and the July 31 sale of merchandise inventory on account Requirement 1. Prepare Boston Cycle's perpetual inventory record assuming the company uses the weighted average Inventory costing method 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. (Abbreviation used: OTY - Quantity. Tot Total) Boston Cycles Purchases Cost of Goods Sold Inventory on Hand QTY Unit Cost Tot Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost M 1 Date Enter any number in the edit fields and then click Check Answer Check Answer Clear All 6 parts remaining