Acco ission , Units Wor LO2: Account for merchandise mventory costs unuer a purposes Problem 1: Specific Identification Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston bought 40 bicycles at $68 each. On October 31, Boston sold 34 bicycles for $100 each. Assume that Boston sold 10 bicycles that cost $42 each and 24 bicycles that cost $68 each. Prepare the inventory record using specific identification and record the related journal entries, Inventory Record Purchases Cost of Goods Sold Inventory on Hand Date Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Oct 1 16 31