Innovation Cycles started March with 15 bicycles that cost $54 each. On March 16, Innovation purchased 30 bicycles at $78 each On March 31, Innovation sold 23 bicycles for $110 each Requirements 1. Prepare Innovation Cycle's perpetual inventory record assuming the company uses the weighted average inventory costing method Journalize the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise inventory on account 2. Requirement 1. Prepare Innovation 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 QTY Quantity, Tot Total) Innovation Cycles Purchases Date QTY Unit Cost Tot. Cost Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost Mar. 1. Mar 16 Mar. 31 Totals Requirement 2. Journalize the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise inventory on account. (Record debits first, then credits Select the explanation on the last line of the journal entry table.) March 16 Purchased merchandise inventory on account Date Accounts and Explanation Mar 16 Debit Credit March 31: Sale of merchandise inventory on account Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. (Assume that Innovation sold the bicycles for $110 each)