Requirements 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the weighted-average inventory costing method 2. Journalize the July 16 purchase of merchandise inventory on account and the July 31 sale of merchandis inventory on account 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) Mountain Cycles Purchases Inventory on Hand Cost of Goods Sold QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Date 65 $ Jul. 1 25 $ 1,625 75 $ 50 $ 80 $ 4,000 75 $ 5,625 Jul. 16 Jul. 31 Requirements 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the weighted-average inventory costing method 2. Journalize the July 16 purchase of merchandise inventory on account and the July 31 sale of merchandis inventory on account 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) Mountain Cycles Purchases Inventory on Hand Cost of Goods Sold QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Date 65 $ Jul. 1 25 $ 1,625 75 $ 50 $ 80 $ 4,000 75 $ 5,625 Jul. 16 Jul. 31