19 of 30 (3 complete) This Question: 7/ds Hercula Cycles started May with 25 bicycles that cost $36 each On May 16, Horcula purchased 35 bicyclos at $60 each On May 31, Horcula sold 33 bicycles for $99 each Requirements 1 Prepare Hercula Cycle's perpetual Inventory record assuming the company uses the woighted averago 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 Hercula 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 now invontory on hand balances after each transaction. Once all of the tra end of the period (Abbreviation used QTY - Quantity. Tot = Total) Hercula Cycles Purchases Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost OTY Unit Cost Tot. Cost Date May 1 May 16 May 31 Totals Requirement 2. Joumalize the May 16 purchase of merchandise Inventory on account and the May 31 swe of merchandise Inventory on account. (Record debits first, then credits. Se May 16 Purchased merchandise Inventory on account Date Accounts and Explanation Debit May 16 Credit May 31 Sale of merchandise inventory on account Begin twy preparing the entry to Jourmalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. (Assume that Hercula se Accounts and Explanation Date Debit Credit May 31 Choose from any list or enter any number in the input fields and then continue to the next question Home ASUS