Washington Cycles stanted May with 5 bigycles teat cost $48 each. On May 16 , Washington purchased 30 ticycles at $55 each. On May 31 , Washington sold 13 bicydes for $106 aach Riequirements 1. Prosare Washington Cycles perpehual inventory recond assuming the company uses the weighted-average invenntory costing method. 2. Joumaize the May 16 . purchase of merchandise invertory on account and the May 31 sale of merchandse inventory on acoount. Requirement 1. Prepare Wastington. Cysle's perpetual inveniog tecsed astuming the compary uses the weiphted-average inventory oosting method. Eaplanstion on the last ine of the jouina entry tabie.) expirabion on the last ine of the joumat entry table.) May 16: Purthated merchandise inventocy on account. Mary a1, Bee of marchandes intintory on accounit. hiefindes tor thos isent) May 31: Sabe of merctandise thventiry on acocuint. Begin by proparng the entry to journaion the sale portion of the transaction. Do not recoed the expense related to the sale. We will do that in the folowing atap, iAlaume that Wathingtin ast in bicycles tor 5105 bach. Now journaizte the expense related to the May 31 sale. Review the porpetual imventory record you prepared in Requirement 1