K New Tech Cycles started January with 15 bicycles that cost $54 each. On January 16, New Tech purchased 30 bicycles at $78 each. On January 31, New Tech sold 25 bicycles for $106 each. Requirements Prepare New Tech Cycle's perpetual inventory record assuming the company uses the weighted-average inventory costing method. 1. 2. Requirement 1. Prepare New Tech Cycle's perpetual inventory record assuming the company uses the weighted-average inventory costing method. Journalize the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account. 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) New Tech Cycles Date Jan. 1 Jan. 16 Jan. 31 Totals Jan. Jan. Date Requirement 2. Journalize the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) January 16: Purchased merchandise inventory on account. Accounts and Explanation 16 Date Purchases QTY Unit Cost Tot. Cost Cost of Goods Sold Unit Cost Tot. Cost 31 QTY Debit Inventory on Hand Unit Cost Tot. Cost January 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 sa We will do that in the following step. (Assume that New Tech sold the bicycles for $106 each.) Accounts and Explanation QTY Debit Credit Credit

New Tech Cycles started Januazy with 15 bicycles that cost \$54 each. On January 16, New Tech purchased 30 bicycles at $78 each. On January 31 , Now Toch sold 25 blicyclos for $106 eoch. Requirements 1. Propare New Tech Cycle's perpetual inventory record assuming the company uses the woighted-aworage inventory costing method. 2. Journalize the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account. Requirement 1. Prepare New Tech Cycle's perpetual inventory record assuming the company uses the weighted-average inventory costing mothod. Start by entening the beginning inventory balances. Enter the transactions in chronological order, caiculating new inventory on hand balances after each transaction. Once alt 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: OTY = Quansty; Tot = Total) Requirement 2. Journalize the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table:) January 16: Purchased merchandise inventory on account. January 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 s We will do that in the following step. (Assume that New Tech sold the bicycles for $106 each.)