Hercula Cycles started August with 5 bicycles that cost $48 each. On August 16, Hercula bought 30 bicycles at $55 each. On August 31, Hercula sold 13 bicycles for $96 each. Requirements 1. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Hercula sold 3 bicycles that cost $48 each and 10 bicycles that cost $55 each. 2. Journalize the August 16 purchase of merchandise inventory on account and the August 31 sale of merchandise inventory on account. Requirement 1. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Hercula sold 3 bicycles that cost $48 each and 10 bicycles that cost $55 each. 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. (Enter the oldest inventory layers first. Abbreviation used: QTY = Quantity, Tot. = Total) Hercula Cycles Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Aug. 1 Aug. 16 Aug. 31 Totals Choose from any list or enter any number in the input fields and then continue to the next