Suurup AZ Cycles started January with 25 bicycles that cost $65 each. On January 16, AZ bought 50 bicycles at $80 each. On January 31. AZ sold 30 bicycles for 596 each. Requirements 1. Prepare AZ Cycle's perpetual Inventory record assuming the company uses the specific identification inventory costing method. Assume that AZ sold 20 bicycles that cost $65 each and 19 bicycles that cost $80 each. 2. Journalize the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account Requirement 1. Prepare AZ Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that AZ sold 20 bicycles that cost $65 each and 19 bicycles that cost $80 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) AZ Cycles Purchases Cost of Goods Sold Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Jan. 1 25 S 65 $1,625 Jan. 16 50 80 4000 50 80 4000 Sold Inventory on Hand PC 76 5 625