nment 1 Question 4, SF6-6 (similar to) Part 2 of 7 HW Score: 56.65%, 2.27 of 4 points Points: 0.08 of 1 Save Mountain Cycles started October with 25 bicycles that cost $65 each. On October 16, Mountain purchased 50 bicycles at $80 each. On October 31, Mountain sold 42 bicycles for $96 each. Requirements 1. 2. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the weighted-average inventory costing method. 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) A Mountain Cycles Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Oct. 1 25 $ 15 5 $ 1,625 Oct. 16 50 80 4,000 ages Get more help Search Clear all Check answer $ 10:30 PM 8/14/2023 +