New Tech Cycles started January with 5 bicycles that cost $48 each. On January 16, New Tech purchased 30 bicycles at $55 each. On January 31, New Tech sold 11 bicycles for $95 each. Requirements 1. Prepare New Tech Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that New Tech sold 3 bicycles that cost $48 each and 8 bicycles that cost $55 each. 2. Journalize the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account. Requirement 1. Prepare New Tech Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that New Tech sold 3 bicycles that cost $48 each and 8 bicycles that cost $55 each. 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. (Enter the oldest inventory layers first. Abbreviation used: QTY = Quantity; Tot. = Total)