Objective 2 36-3 Preparing a perpetual inventory record and journal entries-Specific identification Requirements 1. Prepare Boston Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Boston sold 10 bicycles that cost $42 each and 24 bicycles that cost $68 each. 2. Journalize the October 16 purchase of merchandise inventory on account and the October 31 sale of merchandise inventory on account. DIA Use the following information to answer Short Exercises S6-3 through 56-6. 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