Innovation Cydes started January wah 15 bicydes that cost $75 each. On January 10, novation bought 25 bicycles at 80t eath. On Juary 31, inovation sous 25 tiyeden ter 996 aach. Requirements Prepare Innovation Cycle's perpetual lovertory record assuming the company uses the PFO Invertory conting metod Joumalize the Jarney 10 purch of merchandise ventry on account and the Juary 31 malo of merchandise inventory on account 1 2 Requirement 1. Prepare Innovation Cycle's perpetual inventory record surning the company the Fronventory couting method Start by entering the beginning invertory balances Enter the transactions in condogical dire viventory on and other action of the national into the perpetual record, calculate the quantity and total cost of ventory purchased, and on hand at the end of the paned the story layers first bevationed OTY Total Innovation Cycles Purchases Date QTY Unit Cost Tol Cost Jan. 1 Han to Cost of Goods Sold QTY Unit Cost Tot Cost Inventory on Hand QTY Unit Cost Tot. Cost dan 31 Totals Requirement 2. Journalize the January 10 purchase of merchandise invertory on account and the Janary St sale of merchandise inventory on account. Record de tout, then credits Select the planation on the lastne of the journal entry table) January 16 Purchased merchandise Inventory on account Date Accounts and explanation Debit Credit 10 January 31: Sale of merchandise inventory on account in the following te Assurerat Innovation so they for Yano January 31 01 of merchandisewentory on account January 31: Sale of merchandise inventory on account Begin by proparing the entry to journalize the sale portion of the transaction Do not record the expense related to the We wel do that in the following te Atume imetio sodbyes for 41 Date Accounts and Explanation Debit Credit Jan 31 Now journal. the expense related to the January 31 sale Review the perpetual entory record you prepared in Rocuiremont Date Accounts and explanation Debit Jan 31 Credit Now journalize the expense related to the January 31 sale. Review the perpetual inventory record you prepared in Requirement 1. Date Accounts and Explanation Debit Credit Jan 31