Innovation Cycles started July with $5$ bicycles that cost $$48$ each. On July $16,$ Innovation purchased $30$ bicycles at $$55$ each. On July $31,$ Innovation sold $29$ bicycles for $$110$ each.

Requirements

Prepare Innovation Cycle's perpetual inventory record assuming the company uses the weighted$-$average inventory costing method.

Journalize the July $16$ purchase of merchandise inventory on account and the July $31$ sale of merchandise inventory on account.

Requirement $1.$ Prepare Innovation Cycle's perpetual inventory record assuming the company uses the weighted$-$average inventory costing method.

perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. $($Abbreviation used: QTY $=$ Quantity; Tot. $=$ Total$)$