S6-3 (similar to) Question Help Washington Cycles started May with 5 bicycles that cost $48 each. On May 16, Washington bought 30 bicycles at $55 each. On May 31, Washington sold 13 bicycles for $100 each. Requirements 1. Prepare Washington Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Washington sold 3 bicycles that cost $48 each and 10 bicycles that cost $55 each. 2. Journalize the May 16 purchase of merchandise inventory on account and the May 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 3 bicycles that cost $48 each and 10 bicycles that cost $55 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 Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost May 1 5 $ 48 $ 240 May 16 30 $ 55 $ 1,650 5 $ 48 $ 240 30 $ 55 $ 1,650 May 31 3 $ 48 $ 144 2$ 48 $ 96 10 $ 55 $ 550 20 $ 55 $ 1,100 $ 1,650 694 Totals 30 13 1,196 Enter any number in the edit fields and then click Check Answer. parts remaining Clear All Final Check