* E Question Help gS6-4 (similar to) Hercula Cycles started January with 5 bioycles that cost 548 each. On January 16. Heroula bought 30 bicycles at $55 each. On January 31. Hercula sold 24 bicycles for $110 each. 1. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method. 2. Journalize the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account Requirement 1. Prepare Hercula 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, caloulating 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. w Total) Hercula Cycles Purchases Cost of Goods Sold Inventory on Hand QTYUnit Cost[rot. Cost | QTY Date Unit Cost Tot. Cost QTY tunit Cost-t. Cost 5S 43 s 240 uan. 10 30 55 1,650 5 48 S240 30 55 100 Jan. 31 24 110 2840 110 2.840 24 2.840