S6-6 (similar to) Assigned Media E question Help o Innovation Cydes started October with 12 bicycles that cost 542 each On October 16, Innovation bought 40 bicycles at S68 each on October 31, Innovation sold 25 bicycles for $96 each Requirements 1. Prepare Innovation Cycle's perpetual inventory record assuming the company uses the weighted-average inventory costing method 2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise Inventory on account Requirement 1. Prepare Innovation 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 ordet calculating new inventory on hand balancos 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 Quantty. Tot Total) S Innovation Cycles Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tol. Cost QTY Unit Cost Tot. Cost QIY Unit Cost Tot. Cost ne Oct 1 5) Enter any number in the edit fields and then click Check Answer RE