Homework: Ch 6 Homework A - Graded Save Score: 0 of 10 pts 4 of 9 (4 complete HW Score: 43.05%, 41.76 of 97 pts SF6-6 (similar to) Assigned Media Question Help New Tech Cycles started January with 12 bicycles that cost $42 each on January 16, New Tech purchased 40 bicycles at 568 each. On January 31, New Technold 27 bicycles for $106 och Requirements Prepare New Tech Cycle's perpetual inventory record assuming the company uses the weighted average inventory costing method Joumalize the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account 1. 2. Requirement 1. Prepare New Tech 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 order, calculating new inventory on hand balances 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. Quantity. Tot - Total) New Tech Cycles Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Jan. 1