S6-3 (similar to) Que Help Washington Cycles started July with 15 bicycles that cost $54 each On July 16. Washington bought 30 bicycles at: 18 each On July 31, Washington sold 21 bicycles for $110 each Requirements 1 Prepare Washington Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Washington sold 5 bicycles that cost $54 each and 16 bicycles that cost $78 each 2. Joumalize the July 16 purchase of merchandise inventory on account and the July 31 sale of merchandise inventory on account Requirement 1. Prepare Washington Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Washington sold 5 bicycles that cost $54 each and 16 bicycles that cost 578 each 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) Washington Cycles Purchases Date QTY Unit Cost Tot. Cost Jul 1 Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost