Hercula Cycles started August with 25 bicycles that cost $ 65 each. On August 16 Hercula bought 50 bicycles at $80 each. On August 31Hercula sold 38 bicycles for $100 each.

Journalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on account.

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 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.