K New Tech Cycles started March with 25 bicycles that cost $65 each. On March 16, New Tech purchased 50 bicycles at $80 each. On March 31, New Tech sold 28 bicycles for $99 each. Requirements 1. 2. Prepare New Tech Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that New Tech sold 20 bicycles that cost $65 each and 8 bicycles that cost $80 each. Journalize the March 16 purchase of merchandise inventory on account and the March 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. (Enter the oldest inventory layers first. Abbreviation used: QTY = Quantity; Tot. = Total) New Tech Cycles Purchases Cost of Goods Sold Inventory on Hand Date Mar. 1 QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost 25 $ 65 $ 1,625 Mar. 16 50 S 80 $4,000 25 $ 65 $ 1,625 50 $ 80 $ 4,000 Mar. 31 I 50 80 4,000 20 99 2,772 20 99 2,772 Etext pages Get more help - Search Clear all Final check 8:48 8/14/20