Innovation Cycles stared July with 25 bicycles that cost $85 each. On July 16.Innovation bought 50 bicycles at $80 each. On July 31.Innovation sold 35 bicycles for $99 each. Prepare Innovation Cycle's recent assuming the company uses the specific identification inventory costing method. Assume that sold 20 bicycles that cost $65 each and 15 bicycles that cost $50 each. Prepare innovation Cycle record assuming the company uses the specific method that sold 20 bicycles that cost $65 each and 15 bicycles that cost $80 each. Start by the beginning balance. Enter the in order.calculating new inventory on hand balance after each transaction. One all of the have been entered into the record.calculate the and local cost of purchased hand at the end of the Journalize the July 16 purchase of inventory on and the July 31 sale of on account. (Round first.then credits. Select the explanation or the last line of the table.) July 16 Purchase merchandise on account