Washington Cycles started March with 5 bicycles that cost $48 each. On March 16 , Washington purchased 30 bicycles at $55 each. On March 31 , Washington sold 20 bicycles for $100 each. Requirements 1. Prepare Washington Cycle's perpetual inventory record assuming the company uses the L.FFO inventory costing method. 2. Journalize the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise inventory on account. Requirement 2. Journalize the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise inventory on accoun (Record debits first, then credits Select the explanation on the last line of the joumal entry table.) 2. Journalize the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise inventory on account Requirement 2. Joumalize the March 16 purchase of merchandise inventory on account and the March 31 sale of merchandise inventory on accou (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) March 16: Purchased merchandise inventory on account. March 31: Sale of merchandise inventory on account. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. Wo will do that in the following step. (Assume that Washington sold the bicycles for $100 each.) Now journalize the expense related to the March 31 sale. Review the perpetual inventory record you prepared in Requirement 1