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16. Hadion Hudson Cycles started July with 12 bicycles that cost $42each On July 16, Hudson bought 40 bicycles at 568 cach. On July 31, Hudson sold 27 bicycles for $100 each Requirements 1. Prepare Hudson Cycle's perpetual inventory record assuming the company was the FIFO inventory cofing method 2 Joumate the July to purchase of merchandise invertory on Mccount and they 31 sale of merchando non sont n Once of the facto very lwyfest Abron OTOT Requirement 1. Prepare Hudson Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new into the perpetrecord, to the quantity and l o t of inventory purchas Total LINN Hudson Cycles Purchases stof Goods sold Inventory on Hand Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. CostO TY Unit Cost Tot. Jul 1 Choose from any list or enter any number in the input fields and tr Requirement 2. Journalize the July 16 purchase of merchandise inventory on account and the July 31 sale of merchandise invertory on account (Record debts first, then credits. Select the explanation on the line of the journal entry table. Check your spelling carefully and do not abbreviate) July 16. Purchased merchandise inventory on account Date Accounts and Explanation Credit Jul 10 July 31: Sale of merchandise inventory on account July 31: Sale of merchandise inventory on account Begin by preparing the entry to jumalize the sale portion of the transaction. Do not record the expense related to the Bach.) do that in the following step (Assume that Hudson sold the bicycles for $100 Date Accounts and Explanation Now journal the expense related to the July 31 sale Review the perpetual inventory record you prepared in Requirement Now journalize the expense related to the July 31 sale. Review the perpetual inventory record you prepared in Requirement 1. Date Accounts and Explanation Debit Credit Jul 31 Choose from any list or enter any number in the input fields and then continue to the next