Hercula Cycles started July with 25 bicycles that cost $65 each. On July 16, Hercula purchased 50 bicycles at $80 each. On July 31, Hercula sold 33 bicycles for $97 each Requirements 1. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. 2. Joumalize the July 16 purchase of merchandise inventory on account and the July 31 sale of merchandise inventory on account Requirement 1. Prepare Hercula Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method. Start by entoring 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. (For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand enter the oldest inventory layer first. Abbreviation used: QTY = Quantity. Tot - Total) Hercula Cycles Purchases Cost of Goods Sold QTY Unit Cost Tot. Cost Inventory on Hand QTY Unit Cost Tot. Cost Date QTY Unit Cost Tot. Cost Jul. 1