Washington Cycles started January with 5 bicycles that cost $48 each. On January 16, Washington bought 30 bicycles at $55 each. On January 31, Washington sold 14 bicycles for $90. Requirements a. Calculate Washington Cycle's ending inventory cost and cost of goods sold assuming the company uses the specific identification costing method. Washington sold 3 bicycles from beginning inventory and 11 bicycles from January 16 purchase. b. Journalize in quantity format the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account