Innovation Cycles started March with 25 bicycles that cost $36 each. On March 16, Innovation bought 35 bicycles at $60 each. On March 31, Innovation sold 33 bicycles for $100 each. Requirements 1. Prepare Innovation Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Innovation sold 20 bicycles that cost $36 each and 13 bicycles that cost $60 each. 2. Journalize the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise inventory on account