Mountain Cycles started October with 5 bicycles that cost $48 each. On October 16 , Mountain purchased 30 bicycles at $55 each. On October 31 , Mountain sold 25 bicycles for $105 each. Requirements 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the weighted-average inventory costing method. 2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account. Requirement 1. Prepare Mountain 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) Requirement 2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) October 16: Purchased merchandise inventory on account. Mountain Cycles started October with 5 bicycles that cost $48 each. On October 16 , Mountain purchased 30 bicycles at $55 each. On October 31 , Mountain sold 25 bicycles for $105 each. Requirements 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the weighted-average inventory costing method. 2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account. October 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 Mountain sold the bicycles for $105 each.) Now journalize the expense related to the October 31 sale. Review the perpetual inventory record you prepared in Requirement 1