"Mountain Cycles started August with 12 bicycles that cost $42 each. On August 16, Mountain bought 40 bicycles at $68 each. On August 31, Mountain sold 36 bicycles for $84."
Prepare Mountain Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Mountain sold 8 bicycles that cost $42 each and 28 bicycles that cost $68 each.