Homework: M5A1: Required Homework Questions Save Score: 0 of 15 pts 7 of 7 (0 complete) HW Score: 0%, 0 of 100 pts S6-3 (similar to) EQuestion Help Califomia Cycles started March with bicycles that cost $36 each. On March 16, Califomia bought 35 bicycles at $60 each. On March 31, Califomia sold 30 bicycles for $96 each Requirements bicycles that cost $36 each and 10 bicycles that cost $60 each 1 Prepare California Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that California sold Joumalize the March 16 purchase of merchandise inventory account and the March 31 sale of merchandise inventory account. Requirement 1. Prepare California Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Calfornia 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 t the end of the period. (Enter the oldest inventory layers first. Abbreviation used: QTY Quantity: Tot. Total) quantity and total cost of inventory purchased, sold, and on hand California Cycles Purchases Cost of Goods Sold Inventory on Hand QTY Unit Cos Date QTY Unit Cost Tot, Cost QTY Unit Cost Tot. Cost Tot. Cost Mar. 1