New Tech Cycles started March with 12 bicycles that cost $42 each. On March 16 , New Tech purchased 40 bicycles at $68 each. On March 31, New Tech sold 29 bicycles for $105 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 10 bicycles that cost $42 each and 19 bicycles that cost \$68 each. 2. Journalize the March 16 purchase of merchandise inventory on account and the March 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 10 bicycles that cost $42 each and 19 bicycles that cost $68 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)