Hercula Cycles started January with 12 bicycles that cost $42 each. On January 16, Hercula bought 40 bicycles at $68 each. On January 31, Hercula sold 31 bicycles for $97 each. Requirements 1. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the weighted average 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 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. (Abbreviation used: QTY = Quantity, Tot. = Total) Hercula Cycles Purchases Cost of Goods Sold Inventory on Hand QTY Unit Cost Tot. Cost Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost Jan. 1 Jan. 16 Jan. 31 Totals Requirement 2. Journalize the January 16 purchase of merchandise inventory on account and the January 31 sale of merchandise inventory on account. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) January 16: Purchased merchandise inventory on account. Date Accounts and Explanation Debit Credit Jan. 16 7 January 31: Sale of merchandise inventory on account. Begin by preparing the entry to journalize 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 sold the bicycles for $97 each.) Date Accounts and Explanation Debit Credit Jan. 31