Hercula Cycles started July with 15 bicycles that cost $54 each. On July 16, Hercula bought 30 bicycles at $78 each. On July 31, Hercula sold 25 bicycles for $90 each.

Requirements

1. Prepare Hercula Cycle's prepetual inventory record assuming the company uses the LIFO inventory costing method.

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

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