Innovation Cycles started August with 15 bicycles that cost $54 each. On August 16. Innovation bought 30 bicycles at $78 each On August 31, Innovation sold 23 bicycles for $97 each. Requirements 1. Prepare Innovation Cycle's perpetual inventory record assuming the company uses the weighted-average inventory costing method 2. Journalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on account Innovation Cycles Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Aug. 1 Aug 16 Aug. 31 Totals Choose from any list or enter any number in the input fields and then continue to the next