New Tach Cycles started May with 12 bicycles that cost $42 each On May 16, New Tech bought 40 bicydes at $68 each. On May 31, New Tech sold 25 bicycles for $100 each. 1. Prapare Naw Tech Cycla's perpetual invantory record assuming the company uses the weighted-average inventory costing method Journakze the May 16 purch8of merchandse inventory on account and 'he May 31 sale of merch8ndise imertory on account Start by entering the beginning invontory balances. Enter the transactions in chronolocical order, calcuating now inventory on hand balancos after each transaction. Onco al of the transactions have boon entered into the porpetual rucord, calculato the quantity and total cost of invontory purchased, sold, and on hand at he end of the pericd (Abbreviation used: QTY-Quantity Tot Total Requirement 1. Prepane New Tach Cyde's perpetual inventory record assuming the company uses the weighted-average inventory cosling method he pericd Tech Cycles Purchase Cost of Goods Sold Cost OTY Unit Cost Tot. Cost Dat TY Unit Cost Tot Cost TY Unit Cost Tot. CostTY Unit Cost Tot Cost