Mountain Cycles started May with 25 bicycles that cost $65 each. On May 16, Mountain bought 50 bicycles at S80 each. On May 31, Mountain sold 40 bicycles for $96 each. Requirements 1. Prepare Mountain Cycle's perpetual inventory record assuming the company uses the weighted-average inventory costing method. 2.Journalize the May 16 purchase of merchandise inventory on account and the May 31 sale of merchandise inventory on account Requirement 1. Prepare Mountain 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 nventory purchased, sold, and on hand at he end of the period. Abbreviation used: a Y Quan Tot, Otal Mountain 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