Hercula Cycles started July with 25 bicycles that cost $36 each On July 16, Hercula purchased 35 bicycles at 560 each. On July 31, Hercule sold 30 bicycles for $95 each Requirements 1. Prepare Hercula Cyde's perpetual inventory record assuming the company uses the specific identification Inventory conting method. Assume that Hercula sold 20 bicydes that cost $36 each and 10 beydes that com 60 each Journalize the July 16 purchase of merchandise inventory on account and the July 31 sale of merchandise inventory on account Requirement 1. Prepare Hercula Cyde's perpetual inventory record assuming the company in the specific identification Inventory costing method Assume that Hercula sold 20 bicydes that cost $36 each and 10 bicycles that cost 560 each Start by entering the beginning inventory balances Enter the transactions in chronological order, calculating new inventory on hand balances the each ansaction 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 the oldest inventory layers first Abbreviation used QTY. Tot Total Hercule Cycles Purchases Cost of Goods Sold Inventory on Hand Date QTY Unit Cost Tot. Cost QTY Unit Cost Tot. Cost QTY Unit Cost Tol Cost 1 Jul 16 Jul 31 Choose from any ist or enter any number in the input niets and then continue to the next question Hercula Cycles started July with 25 bicycles that cost 5% each On July 16, Hercula purchased bicycles at 560 each On July 31, urculo sold 30 bicycles for each Requirements 1. Prepare Hercula Cyde's perpetual inventory record assuming the company was the specific identification Inventory costing method Assume that Hercula sod 20 bikydes that cost $36 each and 10 bicydes that com 60 cach Journalize the July 16 purchase of merchandise Inventory on account and the July 31 sale of merchandise Inventory on account 2 31 Totals Requirement 2. Journalize the July 15 purchase of merchandise inventory on account and the July 31 sale of merchandise Inventory on account (Record debits to the credits Select the explanation on the last time of the journal entry table. Check your spelling carefully and do not abbreviate) July 16 Purchased merchandise inventory on account Date Accounts and Explanation Debat Credit Jul 16 Choose from any list or enter any number in the input fields and then continue to the next